Question

Cory, a college professor, incurred and paid the following expenses in 2020: Tax return preparation fee $ 600 Moving expenses 2,000 Investment expenses 500 Expenses associated with rental property 1,500 Interest expense associated with loan to finance tax-exempt bonds 400 Calculate the amount that Cory can deduct (before any percentage limitations).

Answer 1

$4,600

Step-by-step explanation:

Calculate the amount that Cory can deduct

Tax return preparation fee $ 600

Add Moving expenses $2,000

Add Investment expenses $500

Add Expenses associated with rental property $1,500

Cory Deduction $4,600

($600+$2,000+$500+$1,500)

Therefore Cory can deduct $4,600