Cory incurred and paid the following expenses in 2019: $\begin{array}{lr}
\text { Tax return preparation fee } & \$ 600 \
\text { Moving expenses } & 2,000 \
\text { Investment expenses } & 500 \
\text { Expenses associated with rental property } & 1,500 \
\text { Interest expense associated with loan to finance tax-ex empt bonds } & 400
\end{array}$ 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

Quizplus · Accepted Answer

Cory can deduct the expenses associated with the rental property ($1,500). Tax return preparation fees, moving expenses, investment expenses, and interest expense associated with loan to finance tax-exempt bonds are not deductible under the tax laws applicable for the year 2019.

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