Melanie is employed full-time as an accountant for a national hardware chain. She also has...
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Accounting
Melanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows:
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Melanie's residence cost $368,500 (excluding land) and has living space of 2,000 square feet, of which 31% (620 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $1,725 for 2019. Assume there is sufficient net income from her consulting practice. Round your final answer to nearest dollar
Using the Regular MACRS table for personalty.
a. What amount can Melanie claim this year for her office in the home deduction under the Regular Method? b. What is Melanie's office in the home deduction under the Simplified Method?
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