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Jose purchased a vehicle for business and personal use. In 2022, he used the vehicle 11,500 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $950 in interest and $95 in property taxes on the car. Required: Calculate the total business deduction related to the car. Do not round intermediate calculations. Round your final answer to the nearest whole number. Schedule C Schedule A Total Deduction

Jose purchased a vehicle for business and personal use. In 2022, he used the vehicle 11,500 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $950 in interest and $95 in property taxes on the car. Required: Calculate the total business deduction related to the car. Do not round intermediate calculations. Round your final answer to the nearest whole number. Schedule C Schedule A Total Deduction

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jose purchased a vehicle for business and personal use. In 2022, he used the vehicle 11,500 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $950 in Interest and $95 in property taxes on the car. Required: Calculate the total business deduction related to the car. Do not round intermediate calculations. Round your final answer to the nearest whole number. Schedule C Schedule A Total Deduction
Transcribed Image Text:Jose purchased a vehicle for business and personal use. In 2022, he used the vehicle 11,500 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $950 in Interest and $95 in property taxes on the car. Required: Calculate the total business deduction related to the car. Do not round intermediate calculations. Round your final answer to the nearest whole number. Schedule C Schedule A Total Deduction
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