Bob Brain files a single tax return and decides to itemize his deductions.Bob's income for the year consists of $75,000 of salary,$3,000 long-term capital gain,and $1,500 interest income.Bob's expenses for the year consists of $800 investment advice fees,$700 unreimbursed employee business expenses (a miscellaneous itemized deduction) ,and $250 tax return preparation fees.What is Bob's actual deduction for miscellaneous itemized deductions?
A) Zero; Bob's investment expenses do not exceed two percent of AGI floor.
B) $1,590.
C) $1,500.
D) $1,750.
E) None of the choices are correct.
Correct Answer:
Verified
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