McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 36

Clem is married and is a skilled carpenter.Clem's wife, Wanda, works part-time as a substitute grade school teacher.Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances:
a.Clem is self-employed and this year he incurred $525 for tools and supplies related to his job.Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $3,600 to provide coverage for herself and Clem.
b.Clem and Wanda own a garage downtown that they rent to a local business for storage.This year they incurred $1,250 in utilities and depreciation of $780.c.Clem paid self-employment tax of $14,200 and Wanda had $3,000 of Social Security taxes withheld from her pay.
d.Clem paid $45 to rent a safe deposit box to store his coin collection.Clem has collected coins intermittently since he was a boy and he expects to sell his collection when he retires.