Question

The $2,000 cost of repairs is deductible in year 0 because he meets the 12-month rule. What is the deductible amount for the repairs?

1) $2,000
2) $0
3) Cannot be determined
4) Not applicable

Answer 1

The deductible amount for the repairs is $2,000, as the student meets the 12-month rule.

Step-by-step explanation:

If the student meets the 12-month rule for tax deductions, the deductible amount for the repairs mentioned would be the full cost of the repairs.

As stated, this cost is $2,000. Therefore, the answer to the question “The $2,000 cost of repairs is deductible in year 0 because he meets the 12-month rule. What is the deductible amount for the repairs?” is option 1) $2,000.