a. Clem is self-employed and this year he incurred $795 in expenses for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $5,240 to provide coverage for herself and Clem (not through an exchange).  Deductible amount for AGI?    b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,800 in utilities and $840 in depreciation.  Deductible amount for AGI?    c.  Clem paid self-employment tax of $25,200 (the employer portion is $12,600), and Wanda had $5,550 of Social Security taxes withheld from her pay. Deductible amount for AGI?    d.  Clem paid $71 to rent a safety deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires.  Deductible amount for AGI?

Question

 

Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances: (Leave no answer blank. Enter zero if applicable.)  

a. Clem is self-employed and this year he incurred $795 in expenses for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $5,240 to provide coverage for herself and Clem (not through an exchange). 

Deductible amount for AGI?   

b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,800 in utilities and $840 in depreciation. 

Deductible amount for AGI?   

c.  Clem paid self-employment tax of $25,200 (the employer portion is $12,600), and Wanda had $5,550 of Social Security taxes withheld from her pay.

Deductible amount for AGI?   

d.  Clem paid $71 to rent a safety deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires. 

Deductible amount for AGI?   

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