Question

Corey had the expenses listed below.
|Investment account custodial fees |$1,575
|Safe deposit box rental (contains stocks) |$35
|Investment counselor fees |$780
|Appraisal fees paid for a jewelry collection|$380
Calculate the amount he is entitled to deduct on line 27, Schedule A. (His AGI is $35,985.)
a) $2,770
b) $2,390
c) $2,050
d) $1,670

Answer 1

Answer:-

Computing the amount he is entitled to deduct on line 27, Schedule A

= Investment account custodial fee + Safe deposit box rental + investment counselor fee

=1575 + 35 + 780

= 2390