In 2019, Kelly buys a truck costing $35,000. She is going to use it for her construction business to deliver tools and materials as well as using the truck for personal use. During the year, she drove 25,000 miles for her business and 5,000 miles doing personal business. She incurs the following other expenses: $800 for Insurance, $250 for repairs, $950 for gas, and $125 for a property tax that the city levies on each vehicle within its limits that is not based on the value of the vehicle. The interest expense on the car loan is $350, What is the deduction using the standard mileage rate method and the actual cost method? O $14,792; $2,063 O $1,750; $1,958 O$14,500; $2,063
In 2019, Kelly buys a truck costing $35,000. She is going to use it for her construction business to deliver tools and materials as well as using the truck for personal use. During the year, she drove 25,000 miles for her business and 5,000 miles doing personal business. She incurs the following other expenses: $800 for Insurance, $250 for repairs, $950 for gas, and $125 for a property tax that the city levies on each vehicle within its limits that is not based on the value of the vehicle. The interest expense on the car loan is $350, What is the deduction using the standard mileage rate method and the actual cost method? O $14,792; $2,063 O $1,750; $1,958 O$14,500; $2,063
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 46P
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In 2019, Kelly buys a truck costing $35,000. She is going to use it for her
construction business to deliver tools and materials as well as using the
truck for personal use. During the year, she drove 25,000 miles for her
business and 5,000 miles doing personal business. She incurs the
following other expenses: $800 for Insurance, $250 for repairs, $950 for
gas, and $125 for a property tax that the city levies on each vehicle
within its limits that is not based on the value of the vehicle. The interest
expense on the car loan is $350, What is the deduction using the standard
mileage rate method and the actual cost method?
$14,792; $2,063
O $1,750; $1,958
$14,500; $2,063
$14,792; $1,958
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