In May 2017, Regina graduated from USC with a degree in accounting and moved to
ID: 2541807 • Letter: I
Question
In May 2017, Regina graduated from USC with a degree in accounting and moved to Portland, OR, to look for work. Shortly after arriving in Portland, she obtained work as a staff accountant in a local CPA firm. In her move to Portland, Regina incurred the following costs:
$300 in gasoline.
$265 for renting a truck from UPAYME rentals.
$110 for a tow trailer for her car.
$95 in food.
$30 in double espressos from Starbucks.
$330 for motel lodging on the way to Portland.
$440 for a previous plane trip to Portland to look for an apartment.
$195 in temporary storage costs for her collection of crystal figurines.
a. How much, if any, may Regina take as a moving expense deduction on her 2017 tax return?
b. Is that deduction subject to any conditions that could change its deductibility in the future?
Explanation / Answer
Answer
Generally, you can deduct moving expense :
A.
Regina take as a moving expense deduction on her 2017 tax return:
Food Expenses not qualify for the deduction
B.
Deduction subject to any conditions that could change its deductibility in the future:
Moving expenses are only deductible in the year they were incurred. Regina must be a full-time employee for 39 weeks during the 12 months immediately following arrival in the new area.
Particulars Amount($) gasoline 300 renting a truck from UPAYME rentals 265 a tow trailer for her car 110 motel lodging on the way to Portland 330 temporary storage costs for her collection of crystal figurines 195 Total 1200Related Questions
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