Jessica bought a new heavy truck for $35,000 to use 80% for her sole proprietorship. Total miles
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Jessica bought a new heavy truck for $35,000 to use 80% for her sole proprietorship. Total miles driven include 8,000 in 2019, 9,000 in 2020, and 8,500 in 2021.
- If Jessica uses the standard mileage method, how much may she deduct on her 2021 tax return (miles were incurred ratably throughout the year)?
- What is the deduction for 2021 assuming the actual method was used from the beginning? Calculate depreciation only; the truck is not limited by the luxury auto rules. Also, assume §179 was not elected in the year of the purchase.
Related Book For
Fundamentals Of Taxation 2017
ISBN: 9781259752735
10th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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