In May 2021, Reginald graduated from the Naval Academy with a degree in aeronautical engineering...

50.1K

Verified Solution

Question

Accounting

In May 2021, Reginald graduated from the Naval Academy with a degree in aeronautical engineering and was assigned to Pensacola, Florida as a permanent duty station. In his move to Pensacola, Reginald incurred the following costs:

  1. $485 in gasoline.
  2. $271 for renting a truck from UPAYME rentals.
  3. $114 for a tow trailer for his car.
  4. $99 in food.
  5. $32 in double espressos from Starbucks.
  6. $342 for motel lodging on the way to Pensacola.
  7. $454 for a previous plane trip to Pensacola to look for an apartment.
  8. $203 in temporary storage costs for his collection of sports memorabilia.

Required:

If the government reimburses him $900, how much, if any, may Reginald take as a moving expense deduction on his 2021 tax return?

Moving expense deduction

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students