Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Moving Care Expanso Deductions (10 marks ; approx . 20 mins Taylor and Jordan are married and have three children, ages three, five and six

Moving Care Expanso Deductions (10 marks ; approx . 20 mins Taylor and Jordan are married and have three children, ages three, five and six years old in 2020. Taylor eamed from employment , and Jordan earned100,000 as a consultant Taylor received $7.000 in spousal support from their former spouse January 42020, the family moved from CalgaryAlberta, to Mississauga, Ontario, so that Taylor could accept a new position Jordan continued the consulting business in Mississauga The following expenses were incurred as a result of the move: MOVING EXPENSES: Return airfare for trip to locate new living space in Mississauga 2.000 Airfare for persons on move to Mississauga 3,000 Hotel and meals in Mississauga for 18 days while waiting for completion of construction of the new home Meals (not all receipts kept ) 2.100 Hotel (receipts kept ) 2,700 Repairs in respect of disposition of old home 3.000 Interior decorating of new home 4,000 Legal fees and commissions in respect disposition of old home 5.000 Legal fees and land transfer tax on acquisition of new home 1,500 Cost of transporting household goods 6.000 CHILD CARE EXPENSES: The couple employ a full-time nanny, at a salary of $ 11,000 per year to take care of their three children while they work They also paid overnight camp fees of $ 2,000 for the 6 year old to attend three weeks overight can REQUIRED (show all details & calculations): Part [ACalculate Moving Expense deduction (5 marks) Part B] Calculate the Child Care Expense deduction5 marks

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

Government and Not for Profit Accounting Concepts and Practices

Authors: Michael H. Granof, Saleha B. Khumawala

6th edition

978-1-119-4958, 9781118473047, 1118155971, 1118473043, 978-1118155974

More Books

Students also viewed these Accounting questions