Mike Hansen has adjusted gross income of $28,000. During the year, Mike decided he needed a larger home. He purchased a home on a golf course in the same town as his first home. Mike incurred $7500 in moving expenses. How much of this can he deduct from adjusted gross income?

Question

Business

Koty

28 September, 02:35

Mike Hansen has adjusted gross income of $28,000. During the year, Mike decided he needed a larger home. He purchased a home on a golf course in the same town as his first home. Mike incurred $7500 in moving expenses. How much of this can he deduct from adjusted gross income?

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Answers (1)

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Jonathon Randall · Answer 1

How much of this can he deduct from adjusted gross income?

$0

Explanation:

Don't use your business account to pay personal expenses! Many small business owners make a common mistake: They use their business checking account or business credit card to pay personal expenses. Or they'll do the right thing and exclude them from the business tax return because they were, indeed, personal.