Question

Simon lost $5.550 gambling this year on a trip to Las Vegas. In addition, he paid $2.100 to his broker for managing his $210.000 portfolio, and $1,695 to his accountant for preparing his tax return. In addition, Simon incurred $3,270 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

Answer 1

solutione AGI Is not given. to Gambling loss is deductible upto the gambling income during the year, hence not deductible. Brokerage and filing tax return fees is not a deductible expense from year 2018. $3270 of communication expenses is a personal expense hence not deductible. Therefore, total deductible amount is to