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.) d. Clem paid $45 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.

Answer 1

No deduction is allowable for rent paid for the safety deposit box.

The reason for the same is since Clem is engaged in the activity of investment & this can not be said to be that he is engaged in business of coin collection hence no deduction is allowed.

Answer 2

Ans : No deduction is allowable for rent paid for safety deposit box.

The reason for the same is since Clem is engaged in the acitivity of investment & this can not be said to be that he is engaged in business of coin collection hence no deduction is allowed.