Mr. Mick moved from Calgary Alb. to Markham On. to start a new job. He earned $66,500
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Question:
- Mr. Mick moved from Calgary Alb. to Markham On. to start a new job. He earned $66,500 from his Calgary job and $36,500 from his Markham job in the year of the move. Mr. Mick incurred the following costs of moving all of which can be substantiated by receipts. Moving van to transport household effects $15,250 Traveling costs to move Mr. Mick and Family 8,450 Transfer tax Markham home& Legal fees &Legal fees- Calgary home 3,850 Real Estate Commission –Calgary home 6,500 Mortgage interest, property taxes, insurance premiums, and associated heat and power while the reasonable effort to sell Calgary home 6,000 Loss on Sale of Calgary house 10,000 Hotel costs waiting for Markham home to be painted ($100/day for 30 days)3,000 House hunting trip (prior to Markham move) 2000.
- Which one of the following amounts represents the maximum amount that Mr.Mick can deduct as moving expenses on her personal income tax return for the year of the move?
- a) $ 52,050
- b) $ 39,200
- c) $ 36,500
- d) $ 42,450
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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