Bethany Bought a New Suit to Wear to Work

question 65

True/False

Bethany bought a new suit to wear to work. She will not be able to deduct the cost of the suit even though she wears it to work.

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Definitions:

Personal Residence

The home in which a person or family lives as their primary place of residence, potentially qualifying for certain tax benefits.

Gain Exclusion

A provision in tax law allowing taxpayers to exclude certain types of financial gains from their taxable income, such as the sale of a primary residence.

Spouse

A legally wedded husband or wife.

Gross Profit Percentage

A financial metric used to assess a company's financial health by showing the proportion of money left over from revenues after accounting for the cost of goods sold, expressed as a percentage.