Question 162.56 pts

Which of the following statements is true in 2018?

Moving expense is an itemized deduction.

Pre-move house-hunting trips are deductible as moving expenses.

A loss on the sale of your residence is tax deductible.

None of the above.

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Question 172.56 pts

The amounts paid for property and casualty insurance premiums on a taxpayer' s principal residence are:

For a taxpayer who was unemployed or taking their first full-time job, the taxpayer's new place of work must be at least fifty miles from the taxpayer's old home.

Deductible in arriving at adjusted gross income

A nondeductible personal expense.

Allowed as an itemized deduction subject to the 2% of adjusted gross income floor.

Allowed as an itemized deduction if the taxpayer has a deductible net casualty loss resulting from the principal residence for the year.

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Question 182.56 pts

Which of the following statements regarding moving expenses is false prior to January first, 2018?

Moving expenses related to the commencement of work located outside the United States and its possessions are generally disallowed.

If an employer reimburses a taxpayer for moving expenses, the taxpayer must report such reimbursements as income. Often, the employer includes reimbursements for non-deductible moving expenses on the taxpayer's W-2.

Storage expenses for a move within the United States are generally non-deductible.

Generally, the most common deductible moving expenses consist of the cost of packing and transporting household goods from the new residence to the old, as well as the cost of transportation and lodging of the taxpayer and his family for the trip from the old home to the new.

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Question 192.56 pts

Chris purchased a personal residence for $66,000. It had a fair market value of $80,000 when it was damaged by a huge fire. The fair market value after the fire was $40,000 and insurance proceeds for the casualty totaled $15,000. What is the net amount of casualty loss he can claim for 2018 if his adjusted gross income is $20,000?

$0

$11,000

$22,900

$23,000

$25,000

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Question 202.56 pts

Which of the following statements is false?

A realized loss from involuntary conversion, even from a personal residence, will always be recognized.

An individual can count short temporary absensces, such as form vacations, as time lived in the home even if the individual rented out the home during the absences.

A principal residence can be stock held by a tenant-stockholder in a cooperative housing corporation.

If an individual has more than one home, only the sale of the individual's main home qualifies for the excusion of gain.