Question

Simon lost $3.000 gambling this year on a trip to Las Vegas. In addition, he paid $2.440 to his broker for managing his $244.000 portfolio, and $1,320 to his accountant for preparing his tax return. In addition, Simon incurred $3.440 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

Deductible amount = $ 0.

Refer to the below image for the above asked question, in a detailed way of explanation.

Reapuiffement : rement : Deductible amount = Bero (o) ~ Gambling losses are only deductible to the extent of Thus, gambling winnings. Simon deduct cannot any of the $3000 gambling losses. t the & 3440 Commuting expenses are also non-dedoctible as they are deemed to be personal expenses. - The $2440 brower management fees are deductible as investment fees (miscellaneous itemized deductions subject to the 21. AGE floor) and the $1320 day return fees are also deductible as miscellaneous sterized dedoctions subject to the at. All floor - Therefore, in the hence deductible given case Aue is not available amount will be gero. --- -