Chapter 6 ICE Spring 2012

Chapter 6 ICE Spring 2012 - Burkett Tax I - Chapter 6 1...

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Unformatted text preview: Burkett Tax I - Chapter 6 1 Auto Expenses Example 12, pp. 6.7-8 Nancy is a self employed real estate salesperson. In the 2011 she uses her car 18,700 miles for business & 3,800 miles for commuting to the office & other personal reasons for a total of 22,500 miles. Assume the business mileage was incurred evenly over the year. Her auto expenses are depreciation, insurance, license, repairs =$12,000, tolls & parking while on business = $125 & interest on car loan = $250 Business use %? Deduction using standard mileage rate? Depreciation, insurance, license, repairs $14,000 Tolls & parking while on business 125 Interest on car loan 250 Business mileage 18,700 Total auto deduction on schedule C Reduction in auto basis? Deduction using actual expenses ? Depreciation, insurance, license, repairs $14,000 Tolls & parking while on business 125 Interest on car loan 250 Total auto deduction on schedule C Continued on next Page>>>>>> Burkett Tax I - Chapter 6 2 Auto Expenses Example 12, pp. 6.7-8 w/addl information Auto Expenses Example 12, pp....
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Chapter 6 ICE Spring 2012 - Burkett Tax I - Chapter 6 1...

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