ane Doe moved from Victoria to Vancouver for an internal transfer requested by her employer on October 1, 2020. Prior to relocation, she spent $1000 on a house hunting trip to Vancouver and ended up signing a one-year lease for an apartment in Vancouver after an unsuccessful bid for a house. The cost of sales of her old residence in Victoria, including legal fees and brokerage fees, totaled $7,200. The actual moving costs were $13,000. Jane’s employer agreed to pay $8,000 for her moving costs. Jane’s salary for 2020 was $48,000 (assume her monthly salary is the same throughout the year). Required: Calculate Jane’s maximum moving expense deduction for 2020. Please also indicate the carry forward amou
ane Doe moved from Victoria to Vancouver for an internal transfer requested by her employer on October 1, 2020. Prior to relocation, she spent $1000 on a house hunting trip to Vancouver and ended up signing a one-year lease for an apartment in Vancouver after an unsuccessful bid for a house. The cost of sales of her old residence in Victoria, including legal fees and brokerage fees, totaled $7,200. The actual moving costs were $13,000. Jane’s employer agreed to pay $8,000 for her moving costs. Jane’s salary for 2020 was $48,000 (assume her monthly salary is the same throughout the year). Required: Calculate Jane’s maximum moving expense deduction for 2020. Please also indicate the carry forward amou
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jane Doe moved from Victoria to Vancouver for an internal transfer requested by her employer on
October 1, 2020. Prior to relocation, she spent $1000 on a house hunting trip to Vancouver and ended up
signing a one-year lease for an apartment in Vancouver after an unsuccessful bid for a house. The cost of
sales of her old residence in Victoria, including legal fees and brokerage fees, totaled $7,200. The actual
moving costs were $13,000. Jane’s employer agreed to pay $8,000 for her moving costs. Jane’s salary for
2020 was $48,000 (assume her monthly salary is the same throughout the year).
Required: Calculate Jane’s maximum moving expense deduction for 2020. Please also indicate the carry
forward amount, if any.
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