Question
Determine the taxable income Keri sold an investment property located in Sydney on 15 May 2020. The property was leased for the entire time that
Determine the taxable income
Keri sold an investment property located in Sydney on 15 May 2020. The property was leased for the entire time that Keri owned it. The acquisition and the sale of the property are as follows:Purchase on 10 June 2012Purchase price: $ 550,000Stamp duty: $ 23,800Legal costs: $ 3,700Property Renovation: 78,800Fines $19,000 from the local Council for erecting an illegal swimming pool in the backyardLegal costs $78,000 to resolve disputes with neighbour regarding the driveway of the properties. Keri was awarded legal cost of $45,000 against her neighbour.Interest payments to Commonwealth Bank $248,000Sales on 15 June 2020 for $ 1,570,000
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