62 Which one of the following statements is correct in regar

62. Which one of the following statements is correct in regard to deducting moving expenses? The cost of moving household goods and personal effects are not deductible. a. If you use your car in moving to a new location, you cannot use the actual expense method for deducting your expenses. b. c. You can deduct foreign-move storage expenses. d. The cost of in-transit storage is not deductible. Which one of the following statements is correct in regard to deducting the use of your car as a moving expense? 63. a. You can deduct parking fees and tolls. b. You can deduct the cost of your insurance. c. You may not use the standard mileage rate to deduct your moving d. expenses. You can deduct the moving expenses of a tenant. 64. Which one of the following statements is correct in deducting the use of your car as a moving expense? a. You can deduct general maintenance costs of your car. b. c. d. You can use actual expenses if you keep an accurate record. Depreciation for your car is deductible. General repairs are deductible. 65. For moves within the United States, you can deduct the cost of storing household goods for a limited number of days from the day after your goods are moved from your former home until they are delivered to your new home. What is the number of days? a. For 30 consecutive days. b. For 45 consecutive days. c. For 60 consecutive days. d. For 75 consecutive days 14

Solution

62.The cost of moving

i)Household goods and personal effects,

ii)Foreign-move storage expenses,

iii)In-transit storage are deductible moving expenses.

Actual expenses or the Standard rate for moving are also deductible moving expenses

Therefore the correct answer is Option c

63.

i)Parking fees and tolls are deductible.

ii)Cost of insurance is not deductible.

iii)We can use standard mileage rate to deduct moving expenses.

iv)Moving expenses of tenant are not deductible.

Therefore correct answer is option a.

64.

i)General maintenance costs are not deductible.

ii)Actual expenses are deductible if we kept an accurate record.

iii)Depreciation is not deductible moving expense.

iv)General Repairs are not deductible moving expense.

Hence the correct answer is option b