Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total
Question:
Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2018, of which 80 percent was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. Teresa is eligible to use the actual or standard method.
a. How much is Teresa’s transportation deduction based on the standard mileage method?
b. How much is Teresa’s transportation deduction based on the actual cost method?
c. Which method should Teresa use to calculate her transportation deduction? Why?
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a Business miles 80 x 11965 miles 9572 miles 9572 x 0545 5217 b Actual automobile co...View the full answer
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Related Book For 
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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