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Question 2 On September 1 st , 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job.
Question 2
- 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. Paytons 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. | ||||
Moving expense deduction | ||||
Yes/No | Amount | Remark/comment, if any | ||
1 | Should the total cost of actual move,including cost of moving personal possessions be deducted? | |||
2 | Should the cleaning fees be deducted? | |||
3 | Should house hunting trip expenses be deducted? | |||
4 | Should lease breaking penalty be deducted? | |||
5 | Should mail forwarding fees be deducted? | |||
6 | Should utlities connections fees be deducted? | |||
Calculation of maximum moving expesnes deductions | Amount |
Show your calculation here | |
Total deductable moving expesnes | |
Amount of Carry Forward, if Any (if no carry forward, enter 0) |
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