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.)

a. Clem is self-employed and this year he incurred $780 in expenses for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $6,570 to provide coverage for herself and Clem (not through an exchange)

b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,150 in utilities and $1,120 in depreciation.

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.)  

c.  Clem paid self-employment tax of $18,300 (the employer portion is $9,150), and Wanda had $5,100 of Social Security taxes withheld from her pay.

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 $95 to rent a safe 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