Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
Question
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Chapter 9, Problem 30P

a.

To determine

Identify Ms. K’s weekend expenses deduction.

b.

To determine

Explain the changes if the amount involved were reversed.

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On September 1, 2021, Jennifer Wells moves from London to Oakville at the request of her employer. Prior to this date, she spent $875 on a house hunting trip to Oakville. However, she was not successful and, given this, she has signed a one-year lease for an apartment at her new location. The legal fees and real estate commissions associated with the sale of her London house were $8,500. The actual costs of the move, including amounts paid to a moving company, totaled $15,230. Her employer agreed to pay $8,000 of her moving costs. Ms. Well's salary for 2021 was $45,000. Determine Ms. Well's maximum moving expense deduction for 2021, as well as any carry forward that is available. Payment From Employer House Hunting Trip Balance   Cost Of Selling London House Moving Costs Available Deduction Income At New Location Carry Forward
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Chapter 9 Solutions

Individual Income Taxes

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