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How much can fred deduct of his automobile expenses

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Question - Fred McClure is a self-employed architect. In 2010, Fred drove his personal car 9,000 miles for business. Fred spent the following amounts related to his car:

Gas and oil changes $4,659

Parking (100% for business) 600

Auto Insurance 1,400

License renewal fees 150

Automobile repairs 650

Depreciation 1,250

Total costs $8,709

In 2010, Fred drove his car a total of 15,000 miles.

a. How much can Fred deduct on his 2010 Schedule C of his actual automobile expenses?

b. If Fred uses the standard mileage rate, how much can Fred deduct of his automobile expenses in 2010?

Reference no: EM131769194

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