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asap please S450 2. Christina has a rental property. She wants you to prepare her 2020 T776. You receive a hand written sheet of paper
asap please
S450 2. Christina has a rental property. She wants you to prepare her 2020 T776. You receive a hand written sheet of paper with the following information: (13) Rental Income 5 months at $1,400 per month 6 months at $1,500 per month 1 month vacant Expenses Advertising $600 Insurance: (Rental Property) $600 (Home) (Life) $300 Mortgage $9,000 Repairs Painting and cleaning $2,000 New stove S1.000 Paid son to cut grass $3,000 Office Expenses $250 Travel $2,500 Utilities $3,000 After looking over her sheet of paper you know you need some clarification. The first thing you realize is that one of the expenses needs to separated and that there was a key expense missed. What are they? You find out the key expense missed was for $3,000 and that the expense that needed to be separated out was $4,500. Further you find out the travel expense was for a time share condo seminar in Florida and that her son rarely cuts the grass at home and never at the rental property. Now that you have the needed information prepare a T776 schedule for this property 4. 5. 3. What is the CCA class and rate for a standard property acquired in 2011 (1) You are not allowed to create what with CCA from a Rental Property? (1) What form must you have signed and dated in order to claim Employment Expenses? (1) 6. If you receive a GST 370 rebate this year of $500 what must you do with this besides spend it? (1) 7. If you are a Co-owner or Partner of a Rental Property what must you ensure on your T776 in relation to the other owners/partners? (2) If you are a transportation employee and you drive 137 days local driving for 10 hours daily and have no other expenses how much will your line 22900 deduction be on your (2) You rent out 50% of your home. It cost you $1.500 to paint and clean the rented part to get it ready and the common expenses total $5,500. What is the expense allowed from this on your T776? (2) 10. If you own only 1 Rental Property can you claim Auto expenses to go back and forth to collect your Rents? 8. TI return? 9. (1) Step by Step Solution
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