Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kindly solve the question with the provided excel sheet step by step. Thankyou - On September 1st, 2018, Mr. Payton moves from Sudbury to Ottawa
Kindly solve the question with the provided excel sheet step by step. Thankyou
- On September 1st, 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job. - He lived in a rented apartment in Sudbury and purchased a house in Ottawa. - The total cost of the actual move, including the costs of moving his personal possessions, was $16,500. - He paid $500 to the cleaners to clean the rented home and hand it over to the landlord as per his tenancy contract. - He spent $750 on a house hunting trip to Ottawa, but he did not decide on a house until his return to Sudbury. - He also incurred a $2,000 penalty for breaking his lease in Sudbury. - He also incurred $150 of mail forwarding cost to his new address. - He also paid $200 expenses for various utilities connections at his new address in Ottawa. - During the year, his salary totaled $60,000, of which $45,000 was earned in Sudbury and the remaining $15,000 was earned in Ottawa. - As Payton is hired at a junior level, his new employer is not reimbursing any of the moving expenses. Required: Determine Mr. Payton's maximum moving expense deduction for 2018, as well as any carry forward available in the assignment excel spreadsheet. In all the numbers, do not put dollar sign, or comma separation and go up to 2 decimal points if required Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started