Antonio Capellini is a successful self-employed accountant. He meets all of his clients in his office in
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Question:
Antonio Capellini is a successful self-employed accountant. He meets all of his clients in his office in the basement of his home. The office is 800 square feet and the house is 3,000 square feet. Antonio incurred the following costs during the current year:
Business liability insurance $ 400
House insurance 880
House utilities 2,600
House repairs and maintenance 3,000
Mortgage interest 5,700
Property tax 1,600
Office supplies 760
Required:
- A) What is the amount of the expenses deductible from Antonio's business income?
- B) Antonio's family really did not prefer so many "strangers" coming into their basement at all hours. What is the amount of the home office expenses deductible from Antonio's business income if he also decided to rent an external office for meeting clients at a cost of $750 per month
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: