Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare X Lodging Meals Transportation Total What amount may she deduct on her tax return? $ X Feedback b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses on her tax return would be $ X and the expenses would be classified as a deduction for AGI V
Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare X Lodging Meals Transportation Total What amount may she deduct on her tax return? $ X Feedback b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses on her tax return would be $ X and the expenses would be classified as a deduction for AGI V
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 34P
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