On February 2, 2020, Alexandra purchases a personal computer. The computer cost $4,520. Alexandra uses the computer 85 percent of the time in her accounting business, and the remaining 15 percent of the time for various personal uses. Calculate Alexandra's maximum depreciation deduction for 2020 for the computer, assuming half-year convention and she does not make the election to expense or take bonus depreciation. Click here to access the depreciation table. If required, round your answer to nearest dollar.
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- Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2019, of which 80 percent was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. Teresa is eligible to use the actual or standard method. How much is Teresa's transportation deduction based on the standard mileage method? $______________ How much is Teresa's transportation deduction based on the actual cost method? $______________ Which method should Teresa use to calculate her transportation deduction? __________________________________________________________________________ Why? _____________________________________________________________________ __________________________________________________________________________On February 2, 2019, Alexandra purchases a personal computer. The computer cost $1,800. Alexandra uses the computer 85 percent of the time in her accounting business, and the remaining 15 percent of the time for various personal uses. Calculate Alexandra's maximum depreciation deduction for 2019 for the computer, assuming half-year convention and she does not use bonus depreciation or make the election to expense. Click here to access the depreciation table. $On February 2, 2019, Alexandra purchases a personal computer. The computer cost $1,800. Alexandra uses the computer 85% of the time in her accounting business, and the remaining 15% of the time for various personal uses. Calculate Alexandra's maximum depreciation deduction for 2019 for the computer, assuming half-year convention and she does not use bonus depreciation or make the election to expenses.
- George purchases a computer on 02/01/2020 for $2,200 and uses the computer 75% of the time for his accounting business and the rest of the time is used for personal purposes. Calculate the maximum depreciation deduction for 2020 for the computer, assuming half year convention and no bonus depreciation or no election to expense.On July 15, 2018, H.P. purchases a personal computer for his home. The computer cost $4,000. H.P. uses the computer 60 percent of the time in his business, 15 percent of the time for managing his investments and the remaining 25 percent of the time for various personal uses. Calculate H.P.'s maximum depreciation deduction for 2018 for the computer, assuming he does not make the election to expense or take bonus depreciation.Angela purchased a rental property on August 1, 2021, for $172,400. She hired an architect to draw up remodeling plans, and then spent 55 hours doing the actual demolition and construction herself. Which of the following expenses affect her adjusted basis? Mortgage insurance premiums of $1,150, included at closing. $275 in appraisal fees paid at closing and required by her lender. The fair market value of remodeling labor done by Angela. [$35/hour x 55 hours = $1,925] Fees charged by the architect, totaling $975. Philip purchased a small apartment complex in 2021. He paid $375,000 for it; there was no specified value for the land in the contract. The most recent real estate assessment had the property valued at $350,000, of which $308,000 was for the building and $42,000 for the land.Assuming no other expenses, what is Philip's basis in the apartment building? $308,000 $330,000 $350,000 $375,000 please help me
- Shellie purchased a passenger automobile on March 2, 2018. She paid $65,000 for the automobile and can support business use of 85 percent. Calculate the amount of depreciation on the automobile for 2018 using the accelerated MACRS method (if available), assuming Shellie does not make the election to expense or claim bonus depreciationDuring the 2020 tax year, Salomie borrowed money to buy an investment property. The property was immediately rented out. She recorded the following expenses: At the time of purchase, the roof was damaged. She spent $100,000 to replace the entire roof. Two months after moving in, tenants reversed into the fence. Salomie paid $500 to repair the fence. She paid $20,000 interest on her borrowings from the bank. Required: Advise Salomie of her allowable deductions for the 2020 income year. You must refer to relevant law and show calculations.Siew Chin purchased her first investment property on 1 April 2021. Her first tenant moved in on 1 September 2021. Before the tenant moved in, Siew Chin spent $3,000 on painting the property besides the property tax ($990) and insurance ($1,440) for her ownership period (April to December) in the year 2021. What is the deductible expenses to be claimed against her rental income for Year of Assessment 2022?