Question

Under prior law, job-seeking expenses were deductible as a miscellaneous itemized deduction in excess of 2% of AGI if incurred by an individual who is employed and looking for work in the same trade or business:

A) Only if the individual actually found a new job
B) Regardless of whether the individual found a new job
C) If the expenses related to the individual's first job
D) Both (a) and (b)

Answer 1

B) Regardless of whether the individual found a new job.

Step-by-step explanation:

Before tax year 2018, job-seeking expenses incurred by an individual who is employed and looking for work in the same trade or business were generally deductible as a miscellaneous itemized deduction in excess of 2% of AGI, regardless of whether the individual found a new job.