Solution-What is the amount adam can deduct

What is the amount adam can deduct

Reference no: EM133007698

Question - Adam uses his personal automobile in his business of selling insurances. He bought a new car in 2021 and drove it a total of 30,000 miles, of which 3,000 miles were for commuting and other personal uses and the remainder was business use. Actual gas, oil, repairs, licensing, insurance, and depreciation totaled $16,500 for 2021. Actual parking expenses for business were $200. In 2021, the standard mileage rate is $0.56 per mile. What is the amount Adam can deduct for his auto expenses in 2021 if he uses the actual cost method?

Reference no: EM133007698

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What is the amount adam can deduct

Reference no: EM133007698

Reference no: EM133007698

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