Cory incurred and paid the following expenses in 2019: $$\begin{array} { l r }
\text { Tax return preparation fee } & \$ 600 \
\text { Moving expenses } & 2,000 \
\text { Investment expenses } & 500 \
\text { Expenses associated with rental property } & 1,500 \
\text { Interest expense associated with loan to finance tax-exempt bonds } & 400
\end{array}$$ Calculate the amount that Cory can deduct (before any percentage limitations).
A)$5,000.
B)$4,600.
C)$3,000.
D)$1,500.
E)None of these.

Question

Cory incurred and paid the following expenses in 2019: $$\begin{array} { l r } 
\text { Tax return preparation fee } & \$ 600 \
\text { Moving expenses } & 2,000 \
\text { Investment expenses } & 500 \
\text { Expenses associated with rental property } & 1,500 \
\text { Interest expense associated with loan to finance tax-exempt bonds } & 400
\end{array}$$ Calculate the amount that Cory can deduct (before any percentage limitations).
A)$5,000.
B)$4,600.
C)$3,000.
D)$1,500.
E)None of these.

Quizplus · Accepted Answer

Cory can deduct the expenses associated with the rental property, which amount to $1,500. The other expenses listed are either not deductible or are subject to specific rules that make them non-deductible in this context.

Cory Incurred and Paid the Following Expenses in 2019 Calculate the Amount That Cory Can Deduct (Before Any Percentage