Question
H owns a residential rental property. In the current year he received rent of $30,000 and incurred the following expenses: mortgage interest $12,000, property tax
H owns a residential rental property. In the current year he received rent of $30,000 and incurred the following expenses: mortgage interest $12,000, property tax $4,000, insurance $1,000, and repairs $6,000. At the beginning of the year the undepreciated capital cost of the building was $300,000. What is the maximum capital cost allowance for the current year?
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Conservation Easement Audit Techniques Guide
Authors: U.S. Internal Revenue Service
1st Edition
0359516998, 978-0359516995
