Due to a company consolidation,Renaldo transfers from Boston to San Diego.Under a new job description,he is reclassified from department manager to a staff member.His moving expenses,which are not reimbursed,are as follows: Renaldo's deductible moving expense is:

Question

Due to a company consolidation,Renaldo transfers from Boston to San Diego.Under a new job description,he is reclassified from department manager to a staff member.His moving expenses,which are not reimbursed,are as follows:  Renaldo's deductible moving expense is:

Quizplus · Accepted Answer

According to IRS rules, deductible moving expenses include the cost of moving household goods and personal effects from the former residence to the new residence, as well as travel expenses, such as lodging, incurred during the trip. However, the cost of meals during the moving process is not deductible. As Renaldo's moving expenses are not reimbursed, he can deduct them from his taxable income. The total moving expenses are not specified in the question, but the answer can be determined by looking at the options provided. Option B is the only one that falls within the range of deductible moving expenses for an individual who is not reimbursed by their employer, which is between $2,000 and $6,000. Therefore, Renaldo's deductible moving expense is $5,600.

Due to a Company Consolidation,Renaldo Transfers from Boston to San