Mr.Wang's corporate employer transferred him from its Seattle office to its San Jose office.Mr.Wang incurred $18,000 of moving expenses to relocate his household to San Jose.Which of the following statements is true?

Question

Quizplus · Accepted Answer

If an employer pays a moving allowance that is less than or equal to the actual expenses incurred by the employee, the excess amount is deductible as an above-the-line deduction on the employee's tax return. Therefore, Mr. Wang can deduct the $3,000 excess of his actual moving expenses over the $15,000 moving allowance as an above-the-line deduction.

MrWang's Corporate Employer Transferred Him from Its Seattle Office to Its