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Sagot :
Answer:
The Deductible amount = $0
Explanation:
The Deductible amount = $0
Reason -
Gambling losses are deductible to extent of winnings. As there is no winning, loss of $7,100 is not deductible.
Simon paid $2,730 to his broker for managing his portfolio and $500 to his accountant for preparing his tax return.
Both investment fees and tax preparation fees were in the past (before 2018) allowed under miscellaneous itemized deductions to the extent the total miscellaneous itemized deductions exceeded 2 percent of taxpayer's adjusted gross income.
However, in 2018 miscellaneous itemized deductions are no longer available.
Hence for 2018 investment fees and tax preparation fees are not deductible.
Transportation Cost of $3,390 for commuting back and forth from home to employer's office is not deductible.
As per IRS commuting expenses are personal expense.
As such:
Deductible amount = $0
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