Which of the following is a true statement?
A)Individuals qualify for the moving expense deduction only if they change employers.
B)To satisfy the distance test,the distance from the taxpayer's old residence to the new place of work must be at least 50 miles more than the distance from the old residence to the old place of work.
C)To satisfy the business test,the taxpayer must be employed full-time for 45 of the first 52 weeks after the move.
D)The moving expense deduction is restricted to expenses associated with moving personal possessions to the new residence.
E)All of these are truE.Reasonable moving expenses include travel to the new residence.

Question

Quizplus · Accepted Answer

To qualify for the moving expense deduction, the distance from the taxpayer's old residence to the new place of work must be at least 50 miles more than the distance from the old residence to the old place of work. Option A is incorrect as individuals can also qualify for the moving expense deduction if they are moving for a new job location that is at least 50 miles farther from their old residence than their old job location was. Option C is incorrect as the taxpayer must be employed full-time for 39 weeks during the first 12 months after the move, not 45 out of 52 weeks. Option D is incorrect as reasonable moving expenses include travel to the new residence, lodging expenses, and even certain expenses associated with selling the old residence or breaking a lease.

Which of the Following Is a True Statement