WebHans purchased a new passenger automobile on A ugust 17, 2024, for $30,000. During the year, the car . was used 40% for business and 60% for personal use. Determine his … WebJul 20, 2024 · If Hans purchased a new passenger automobile on August 17, 2024, for $30,000. His cost recovery deduction for the car for 2024 is: $1,200. Cost recovery deduction Personal use property car is limited to 4,000 calculated as (10,000×.40) which represent the following: Half year convention Year in use Five year asset (auto) Hence:
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WebAug 17, 2012 · Hans purchased a new passenger automobile on August 17, 2012 for $40,000. During the year, the car was used 40% for business and 60% for personal use. … WebHans purchased a new passenger automobile on A ugust 17, 2024, for $30,000. During the year, the car . was used 40% for business and 60% for personal use. Determine his cost recovery deduction for the car . for 2024.-In 2024, the cost of the A u tomobile $30000, got only 40% use for business purpose, so §179 or first year. mercedus 200 turbo
Hans purchased a new passenger automobile on august
WebAug 17, 2016 · Hans purchased a new passenger automobile on August 17, 2016, for $40,000. During the year, the car was used 40% for business and 60% for personal … WebOn June 1, 2024, Irene places in service a new automobile that cost $21,000. The car is used 70% for business and 30% for personal use. (Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation. Determine the cost recovery deduction for 2024. a. $3,290 b. $3,570 c. $4,704 d. $10,000 69. WebHans, a calendar-year taxpayer, purchased a new passenger automobile on August 17,2024, for $50,000, and placed it in service immediately. The automobile was the only depreciable asset he placed in service that year. He did not elect IRC § 179 expensing or to take additional first-year (“bonus”) depreciation. merced urology medical group fax