9Q39 - Moving Expenses question # 40 Assuming Marlo moved...

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Unformatted text preview: Moving Expenses question # 40 Assuming Marlo moved to New Mexico from S. Carolina in Jan.,2008. He incurred following expenses: moving van charge $4300 lodging during move 520 meals during move 360 loss on sale of old house 4000 Mileage for moving car 3,400 miles How much can he deduct? Qualifying moving expenses, which are a deduction for AGI, include the following: Lodging during move $ 520 Moving van charge 4,300 Mileage for personal autos (3,400 miles $0.24) 816 Total deduction $5,636 It does not matter that Marlo goes from employee to self-employment status. Nonqualifying moving expenses include the loss on sale of residence ($4,000) and the meals during the move ($360). Q.35 35. Travel days count as business days and weekends also count as business days when preceded (i.e., Friday) and followed (i.e., Monday) by business days. For Brittany, Thursday is a personal day. Brittanys deductible expenses are determined below: Airfare $2,600 Lodging (6 nights $140) 840 Meals (5 days $130) 50% (cutback adjustment) 325 Total $3,765 Example 20...
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9Q39 - Moving Expenses question # 40 Assuming Marlo moved...

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