Answered: Kathi is a captain in the US Air Force.… | bartleby

CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 86TA

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Kathi is a captain in the US Air Force. In June 2023, her duty station
changed from Travis Air Force Base in Caifornia to Fairchild AFB in
Washington. SHe drove 830 miles (at .22 cents per mile) and spent $1,300
to move her household items. Kathi also incirred costs of $880 when she
sold her home in her former city. Included on her form W-2, in box 12, is
code P for $1,494.
Kathi's moving expenses adjustments is
1. $11
2. $0
3. $869
4. $1,483

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Kathi is a captain in the U.S. Air Force. In June 2022, her duty station changed from Travis Air Force Base in California to Fairchild AFB in Washington. She drove 830 miles and spent $1,300 to move her household items. Kathi also incurred costs of $880 when she sold her home in her former city. Included on her Form W-2, in box 12, is code P for $1,449. Kathi's moving expenses adjustment is _________.
Dione is a Gunnery Sergeant in the U.S. Marine Corps. In May of 2021, her duty station changed from the Marine Barracks in Washington, D.C., to Camp Lejeune in North Carolina. She drove 348 miles and spent $1,150 to move her household items. Dione also incurred closing costs of $1,040 when she sold her home in her former city. She received this Form W-2 reporting her moving expense reimbursement. Choose the response that correctly identifies the amount of Dione's moving expense deduction. (Answer choices are below the image.) $0 $56 $1,040 $2,190
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On September 1st, 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job. He lived in a rented apartment in Sudbury and purchased a house in Ottawa. The total cost of the actual move, including the costs of moving his personal possessions, was $16,500. He paid $500 to the cleaners to clean the rented home and hand it over to the landlord as per his tenancy contract. He spent $750 on a house hunting trip to Ottawa, but he did not decide on a house until his return to Sudbury. He also incurred a $2,000 penalty for breaking his lease in Sudbury. He also incurred $150 of mail forwarding cost to his new address. He also paid $200 expenses for various utilities connections at his new address in Ottawa. During the year, his salary totaled $60,000, of which $45,000 was earned in Sudbury and the remaining $15,000 was earned in Ottawa. As Payton is hired at a junior level, his new employer is not reimbursing any of the moving expenses.…
ces Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $580 545 Advertising expense Mortgage interest Property taxes 4,550 960 Repairs & maintenance Utilities 1,160 Depreciation 720 9,700 During the year, Tamar rented out the condo for 81 days, receiving $23,500 of gross income. She personally used the condo for 57 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions…
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In 2017 Rena accepted a new job and moved from Seattle to Pittsburgh to begin to work. She incurred moving expenses for her households goods and furniture of 3,500. Prior to moving, Rena flew to Pittsburgh to look for a new residence. The transportation and lodging for this trip to Pittsburgh was 900 and her meals were 250. The cost of her tracer during the actual move to Pittsburgh was 500, which include 75 for meals. Calculate the amount of Renas moving expense deduction for 2017.
Please help me. Thankyou.

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