Tim used his 2015 F-150 pickup truck to meet with clients and for other business needs. The truck was driven a total of 15,473 miles during 2016 and 3,541 of those miles were for business purposes. Tim kept a meticulous mileage log. Kate’s car was also available for personal use. Tim uses the standard mileage rate for deducting the use of his truck. Tim also paid parking fees of $55 and Tolls of $50 during the business use of the truck. Which of these expenses are deductible in the 2018 tax return?
Tim used his 2015 F-150 pickup truck to meet with clients and for other business needs. The truck was driven a total of 15,473 miles during 2016 and 3,541 of those miles were for business purposes. Tim kept a meticulous mileage log. Kate’s car was also available for personal use. Tim uses the standard mileage rate for deducting the use of his truck. Tim also paid parking fees of $55 and Tolls of $50 during the business use of the truck. Which of these expenses are deductible in the 2018 tax return?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tim used his 2015 F-150 pickup truck to meet with clients and for other business needs. The truck was driven a total of 15,473 miles during 2016 and 3,541 of those miles were for business purposes. Tim kept a meticulous mileage log. Kate’s car was also available for personal use. Tim uses the standard mileage rate for deducting the use of his truck. Tim also paid parking fees of $55 and Tolls of $50 during the business use of the truck. Which of these expenses are deductible in the 2018 tax return?
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