Question

Simon lost $9,050 gambling this year on a trip to Las Vegas. In addition, he paid $2,550 to his broker for managing his $255,000 portfolio and $1,285 to his accountant for preparing his tax return. In addition, Simon incurred $3,420 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).

Answer 1

$0

Step-by-step explanation:

Based on the information we were told that he lost the amount of $9,050 for the gambling he did this year which means that the DEDUCTIBLE amount will be $0 reason been that Gambling losses amount will only be DEDUCTIBLE in a situation where he won the gambling which therefore means that since he lost he CANNOT deduct the gambling loss amount of $9,050 including all the expenses amount.

Therefore the amount of these expenses that Simon is able to deduct will be $0.