This preview shows page 1. Sign up to view the full content.
Unformatted text preview: in auto basis? $4,114
Deduction using actual expenses? Depreciation, insurance, license, repairs $14,000 x.83 = 11,620
Tolls & parking while on business 125 x 1 = 125 208
250 x.83 =
Total auto deduction on schedule C $11,953 Interest on car loan Continued on next Page>>>>>>
1 Burkett – Tax I - Chapter 6 Auto Expenses – Example 12, pp. 6.7-8 w/addl information
Itemized deduction allowed if Nancy is self employed?
Interest if on a home equity loan = $250-208= $42
(deducted above) What would change in the previous example if Nancy was an employee
and not self employed?
Only deductible if the loan is secured by home. 2. Property tax (if any)?
All deductible as itemized deduction (follows normal rules
that apply to individual deductions). 3. Other allowed expenses:
Reimbursed by employer?
View Full Document
This note was uploaded on 02/22/2012 for the course ACCT 403 taught by Professor White during the Fall '11 term at South Carolina.
- Fall '11