Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles – ratably through the year) 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? Multiple Choice $8,721. $1,116. $4,719. $5,835.
Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles – ratably through the year) 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? Multiple Choice $8,721. $1,116. $4,719. $5,835.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles – ratably through the year) 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?
Multiple Choice
-
$8,721.
-
$1,116.
-
$4,719.
-
$5,835.
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