Bob Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $74,100 of salary, $3,450 long-term capital gain, and $2,450 interest income. Bob's expenses for the year consist of $890 in investment advice feesand $155 in tax return preparation fees. What is Bob's investment expense deduction?
A)$0.
B)890.
C)155.
D)1,045.
E)None of the choices are correct.

Question

Quizplus · Accepted Answer

The Tax Cuts and Jobs Act of 2017 eliminated the deduction for investment expenses, so Bob cannot deduct his investment advice fees or tax return preparation fees related to investments.

Bob Brain Files a Single Tax Return and Decides to Itemize