Which of the following is a true statement?
A)Unreimbursed employee business expenses are not deductible.
B)Investment advisory expenses are not deductible.
C)Business deductions are one of the most common deductions for AGI,but they are not readily visible on Schedule 1 of Form 1040.
D)The distinction between business and investment expenses is critical for determining whether a deduction is claimed above the line (for AGI)or below the line (itemized).
E)All of these choices are correct.

Question

Quizplus · Accepted Answer

All of these statements are true. Unreimbursed employee business expenses were previously deductible on Schedule A as an itemized deduction, but under the new tax law, they are no longer deductible. Investment advisory expenses are also no longer deductible as an itemized deduction. Business deductions, such as expenses related to running a business or self-employed work, are deductible for AGI on Schedule 1 of Form 1040, but may not be as visible as other deductions on the form. The distinction between business and investment expenses is important for determining if a deduction is claimed above or below the line.

Which of the Following Is a True Statement