Upon losing his job as a plant manager in Quincy, Massachusetts, Anthony incurs $6,200 in job search
Question:
Upon losing his job as a plant manager in Quincy, Massachusetts, Anthony incurs $6,200 in job search expenses. Having no success in finding new employment in the same type of work, Anthony moves to Clearwater, Florida in 2015 and begins a charter boat business. His expenses in connection with the move are summarized below.
Penalty for breaking lease on Quincy rented residence............$2,800
Forfeiture of membership in Quincy Country Club......................2,200
Packing and moving van charges...................................................7,100
Lodging during move (3 nights) ........................................................380
Meals during move.............................................................................360
Mileage (for two automobiles) ......................................................2,400 miles
How much of these expenses may Anthony deduct?
Step by Step Answer:
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young