Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Du Jela Anderson has had your phone to the income tax retur Di Andersons are on Delorea woted to report fortalen south income to out

image text in transcribed
image text in transcribed
image text in transcribed
Du Jela Anderson has had your phone to the income tax retur Di Andersons are on Delorea woted to report fortalen south income to out of years of record a very lige salonunda yer alastomisatis with down on 2000 care o i Cack on the control om Additional info (part 1) konto with Requirement Computer Anders 200 Febwi control Property Income Amount Elle dividende ingle divine Interest inco Farige diente Netrostatic Carrying Charger Net property income Requirement 2 came tem A Divided on Canada con un corporate all Dividends from we Canadian cinect to low corporate at 31750 rates Interest me receved from Canadian 000 Dividends from foreign creation stated into Canada > 600 Note de 100 Japons van Show The down Sep 120mm 7070 sportowe Heche 400g 1920 Additional info (part 2) In 2019, the previous year, Jala received a large family inheritance, which she invested into a rental property. The property was purchased in 2019, and Jala has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020, the opening UCC balance in CCA Class 1 for the rental building is $350,000 and Jala would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: Amount $2,500 per month 4,800 for the year 180 per month 210 per month 580 per month 1400 . To assist with filing her tax return, Jala provides you with detailed records from her bank. The documents indicate that Jala has borrowed the following amounts from her bank $175,000 mortgage on the rental property with principal repayments totalling $14,000 and interest payments of $6.700 for 2020 $365,000 mortgage on Dr Anderson's personal home with principal repayments totalling $18,000 and interest payments of $7 800 for 2020 $180.000 loan used to purchase mutual funds with Appleton Investments . an d . al Additional info (part 2) rental building is $350,000 and Jala would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: Amount $2,500 per month 4,800 for the year 180 per month 210 per month 580 per month 1.400 water To assist with filing her tax return Jala provides you with detailed records from her bank. The documents indicate that Jala has borrowed the following amounts from her bank $175,000 mortgage on the rental property with principal repayments totalling $14,000 and interest payments of $6.700 for 2020 $365,000 mortgage on Dr Anderson's personal home with principal repayments totalling $18,000 and interest payments of $7 800 for 2020 $180,000 loan used to purchase mutual funds with Appleton Investments Inc. Jala paid interest of $5,200 on this loan during 2020 $51,000 loan used to purchase Jala's personal use vehicle. Jala paid $2,310 of interest on this loan during 2020 Print Done Du Jela Anderson has had your phone to the income tax retur Di Andersons are on Delorea woted to report fortalen south income to out of years of record a very lige salonunda yer alastomisatis with down on 2000 care o i Cack on the control om Additional info (part 1) konto with Requirement Computer Anders 200 Febwi control Property Income Amount Elle dividende ingle divine Interest inco Farige diente Netrostatic Carrying Charger Net property income Requirement 2 came tem A Divided on Canada con un corporate all Dividends from we Canadian cinect to low corporate at 31750 rates Interest me receved from Canadian 000 Dividends from foreign creation stated into Canada > 600 Note de 100 Japons van Show The down Sep 120mm 7070 sportowe Heche 400g 1920 Additional info (part 2) In 2019, the previous year, Jala received a large family inheritance, which she invested into a rental property. The property was purchased in 2019, and Jala has claimed the maximum amount of capital cost allowance (CCA) on the property in 2019. In 2020, the opening UCC balance in CCA Class 1 for the rental building is $350,000 and Jala would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: Amount $2,500 per month 4,800 for the year 180 per month 210 per month 580 per month 1400 . To assist with filing her tax return, Jala provides you with detailed records from her bank. The documents indicate that Jala has borrowed the following amounts from her bank $175,000 mortgage on the rental property with principal repayments totalling $14,000 and interest payments of $6.700 for 2020 $365,000 mortgage on Dr Anderson's personal home with principal repayments totalling $18,000 and interest payments of $7 800 for 2020 $180.000 loan used to purchase mutual funds with Appleton Investments . an d . al Additional info (part 2) rental building is $350,000 and Jala would like to claim the maximum CCA deduction on the rental income in 2020. The rental income and expense information for 2020 is as follows. Item Rental income: Property tax: Property insurance: Property management fees: Utilities: Repair of a leaky faucet and water damage: Amount $2,500 per month 4,800 for the year 180 per month 210 per month 580 per month 1.400 water To assist with filing her tax return Jala provides you with detailed records from her bank. The documents indicate that Jala has borrowed the following amounts from her bank $175,000 mortgage on the rental property with principal repayments totalling $14,000 and interest payments of $6.700 for 2020 $365,000 mortgage on Dr Anderson's personal home with principal repayments totalling $18,000 and interest payments of $7 800 for 2020 $180,000 loan used to purchase mutual funds with Appleton Investments Inc. Jala paid interest of $5,200 on this loan during 2020 $51,000 loan used to purchase Jala's personal use vehicle. Jala paid $2,310 of interest on this loan during 2020 Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter - Classification Deceit

Authors: Kate Mooney

2nd Edition

0071719385, 9780071719384

More Books

Students also viewed these Accounting questions