In May 2021, Reginald graduated from the Naval Academy with a degree in aeronautical engineering and was assigned to Pensacola, Florida as a permanent duty station. In his move to Pensacola, Reginald incurred the following costs: $485 in gasoline. $271 for renting a truck from UPAYME rentals. $114 for a tow trailer for his car. $99 in food. $32 in double espressos from Starbucks. $342 for motel lodging on the way to Pensacola. $454 for a previous plane trip to Pensacola to look for an apartment. $203 in temporary storage costs for his collection of sports memorabilia. Required: If the government reimburses him $900, how much, if any, may Reginald take as a moving expense deduction on his 2021 tax return? Moving expense deduction
In May 2021, Reginald graduated from the Naval Academy with a degree in aeronautical engineering and was assigned to Pensacola, Florida as a permanent duty station. In his move to Pensacola, Reginald incurred the following costs: $485 in gasoline. $271 for renting a truck from UPAYME rentals. $114 for a tow trailer for his car. $99 in food. $32 in double espressos from Starbucks. $342 for motel lodging on the way to Pensacola. $454 for a previous plane trip to Pensacola to look for an apartment. $203 in temporary storage costs for his collection of sports memorabilia. Required: If the government reimburses him $900, how much, if any, may Reginald take as a moving expense deduction on his 2021 tax return? Moving expense deduction
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter11: Individuals As Employees And Proprietors
Section: Chapter Questions
Problem 31P
Related questions
Question
100%
In May 2021, Reginald graduated from the Naval Academy with a degree in aeronautical engineering and was assigned to Pensacola, Florida as a permanent duty station. In his move to Pensacola, Reginald incurred the following costs:
- $485 in gasoline.
- $271 for renting a truck from UPAYME rentals.
- $114 for a tow trailer for his car.
- $99 in food.
- $32 in double espressos from Starbucks.
- $342 for motel lodging on the way to Pensacola.
- $454 for a previous plane trip to Pensacola to look for an apartment.
- $203 in temporary storage costs for his collection of sports memorabilia.
Required:
If the government reimburses him $900, how much, if any, may Reginald take as a moving expense deduction on his 2021 tax return?
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT