In July 2013, Cassie purchases equipment for 55,000 to be used in her business. Assuming Cassie has a small net loss from her business prior to the deduction, what is the maximum amount of cost recovery Cassie can deduct?

Chris runs a business out of her home. She uses 500 square feet of her home exclusively for the business. Her home is 2500 square feet in total. Chris had 36,000 of business revenue and $32,000 of business expenses from her home business. The following expenses relate to her home: Mortgage-$12,400, Real estate taxes-1,800, Repairs-$3,200, Utilities-2,600, Insurance-650, Depreciation (on business use portion of home)

What is Chris' net income from her business and the amount of expenses carried over to the following year, if any?

Answer rating: 100% (QA)

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