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Miscellaneous Itemized Deductions

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In the current year Mary incures $3600 of unreimbursed employement-related travel and entertainment expenses. These expenses include the following:
Airfair-$1500
Taxi fare-100
meals eaten alone while away from home-300
laundry-50
lodging-650
business meals with customers in which business is discussed-500
entertainment of customers-500
total-3600

Mary also pays $1000 of investment couseling fees and $500 of tax return prep fees in the current year. Mary's AGI is 70,000.
a. what is the total amount of Mary's deductible expenses?
b. Are the deductible expenses classified as for AGI or from AGI?

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Solution Summary

In the current year Mary incurs $3600 of unreimbursed employment-related travel and entertainment expenses. These expenses include the following:
Airfare-$1500
Taxi fare-100
Meals eaten alone while away from home-300
Laundry-50
Lodging-650
Business meals with customers in which business is discussed-500
Entertainment of customers-500
Total-3600

Mary also pays $1000 of investment counseling fees and $500 of tax return prep fees in the current year. Mary's AGI is 70,000.
a. what is the total amount of Mary's deductible expenses?
b. Are the deductible expenses classified as for AGI or from AGI?

Solution Preview

a. The amount of Mary's total deductible expenses will be:

Business-related:
Airfare $1,500
Taxi fare 100
Laundry 50
Lodging ...

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