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  3. 7. a taxpayer owns a tesla, model s, which...

7. A taxpayer owns a Tesla, model S, which...

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Accounting

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7. A taxpayer owns a Tesla, model S, which had a purchase price of $80,000 on March 1,2018 . The car was put into service on that date, and the taxpayer elected to use the standard mileage deduction. The taxpayer has a W- 2 job approximately 40 miles from home, round trip, and drives the vehicle into the office 4 days a week. Additionally, the taxpayer has an interior design service as a sole proprietorship. The interior design jobs often require several trips to the client's home, which is often over 100 miles one way, but only 60 miles from their W-2 office. For tax year 2020 , the taxpayer drove 4,200 miles for the interior design business. Is the following statement true about this scenario? The taxpayer ts not required to keep a record since they used the standard mileage rate instead of actual. Click 'Yes' or No for aach option until complete

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