In 2017 Lindsey Accepts a Job in a New State

question 67

Multiple Choice

In 2017 Lindsey accepts a job in a new state. She spends $4,000 for packing and moving household goods, $1,200 to break the lease on her apartment, and $1,500 to store the household goods for 45 days. In April she drove her car 1,400 miles to her new home and spent $250 for motels and $80 for meals while traveling to the new home. The 2017 standard mileage rate for business miles is 53.5 cents per mile and the rate for moving is 17 cents per mile. What are Susie's deductible moving expenses?

• A) $4,516
• B) $5,488
• C) $6,098
• D) $7,216

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Definitions:

Government Borrowing

The process by which a government raises funds to finance its operations and projects by issuing debt instruments, such as bonds.

Interest Rates

The cost of borrowing money or the return for investing, expressed as a percentage of the principal.

Depreciating

A decrease in the value of an asset over time, often due to wear and tear or changes in market conditions.

Exports

Goods or services sent from one country to another for sale or trade.