For the current year, Al Johnson used his personal car for both business and personal purposes. He
Question:
For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8,000 miles were for personal purposes. He incurred the following car expenses during the year:
Based on this information, what part of the above car expenses is deductible as business- related expenses on Al's current year income tax return?
Transcribed Image Text:
Expense Gas Maintenance Repairs and depreciation Car washes Total Amount $7,900 900 900 500 $10,200
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ANSWER a Mileage for business IRS rate 0555 b Proportionate e...View the full answer
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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