Answered: Determine Ms. Well's maximum moving…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On September 1, 2021, Jennifer Wells moves from London to Oakville at the request of her employer. Prior to this date, she spent $875 on a house hunting trip to Oakville. However, she was not successful and, given this, she has signed a one-year lease for an apartment at her new location. The legal fees and real estate commissions associated with the sale of her London house were $8,500. The actual costs of the move, including amounts paid to a moving company, totaled $15,230. Her employer agreed to pay $8,000 of her moving costs. Ms. Well's salary for 2021 was $45,000.

Determine Ms. Well's maximum moving expense deduction for 2021, as well as any carry forward that is available.

Payment From Employer
House Hunting Trip
Balance
Cost Of Selling London House
Moving Costs
Available Deduction
Income At New Location
Carry Forward

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