Simon lost $3,000 gambling this year on a trip to Las Vegas. In addition, he paid...
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Simon lost $3,000 gambling this year on a trip to Las Vegas. In addition, he paid $2,440 to his broker for managing his $244,000 portfolio, and $1,320 to his accountant for preparing his tax return. In addition, Simon incurred $3,440 in transportation costs : commuting back and forth from his home to his employer's office, which were not reimbursed. Calculate the amount of these expenses that Simon is able to deduct (assuming he itemizes his deductions). Deductible amount Simon lost $3,000 gambling this year on a trip to Las Vegas. In addition, he paid $2,440 to his broker for managing his $244,000 portfolio, and $1,320 to his accountant for preparing his tax return. In addition, Simon incurred $3,440 in transportation costs : commuting back and forth from his home to his employer's office, which were not reimbursed. Calculate the amount of these expenses that Simon is able to deduct (assuming he itemizes his deductions). Deductible amount
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Answer rating: 100% (QA)
Gambling losses of 3000 are not deductible Transportation cost of 3440 a personal expenses wh... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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