>> Accounting Basics
Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fees, $700 unreimbursed employee business expenses ( a miscellaneous) and $250 tax return preparation fees. What is Bob's actual deduction for miscellaneous itemized deductions?