A taxpayer owns a Tesla, model S , , which had a purchase price of $ 80
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Question:
A taxpayer owns a Tesla, model S, which had a purchase price of $80K on March The car was put into service on that date, and the taxpayer elected to use the standard mileage deduction. The taxpayer has a W−2 job approximately miles from home, round trip, and drives the vehicle into the office days a week. Additionally, the taxpayer has an interior design service as a sole proprietorship. The interior design jobs often require several trips to the clients home, which is often over 100 miles one way, but only 60 miles from their W−2 office. For tax year 2022 the taxpayer drove miles for the interior design business. Is the following statement true about this scenario?
a) For tax year 2022 the taxpayer can take Section 179 depreciation of $19200
b) The depreciation expenses on the Tesla will be capped at $18K for tax year 2022
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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