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ose purchased a vehicle for business and personal use. In 2020, he used the vehicle 10,500 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage
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27 votes
27 votes
ose purchased a vehicle for business and personal use. In 2020, he used the vehicle 10,500 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $850 in interest and $85 in property taxes on the car. Required: Calculate the total business deduction related to the car. (Round your final answers to nearest whole dollar amount.)

User Bpoiss
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3.0k points

1 Answer

13 votes
13 votes

Answer:

$6,366

Step-by-step explanation:

Calculation for the total business deduction related to the car:

Total business deduction=($10,500x .535) + $850(.80) + $85(.80)

Total business deduction=$5,618+$680+$68

Total business deduction=$6,366

Therefore the total business deduction related to the car is $6,366

User Michael Desigaud
by
3.1k points
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