233k views
5 votes
Cole purchased a car for business and personal use. In 2019, he used the car 60% for business (13,000 total use miles) and used the standard mileage rate to calculate his vehicle expenses. He also paid $1,500 in interest and $360 in county property tax on the car. What is the total business deduction related to business use of the car rounded to the nearest dollar

1 Answer

5 votes

Answer:

The total business deduction related to business use of the car rounded to the nearest dollar is $5367.

Step-by-step explanation:

Amount of business deduction

= (13000 miles*$0.54.5/mile + $1500 + $360)*60%

= $5367

Therefore, The total business deduction related to business use of the car rounded to the nearest dollar is $5367.

User Read
by
4.7k points