On September22, 2020, Danimoved from Montral to Toronto to start a new job. Details relating to...
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On September22, 2020, Danimoved from Montréal to Toronto to start a new job. Details relating to his move are as follows: Dani found a new home in Toronto during a 2-day June house-hunting trip there. The legal arrangements for the house purchase were finalized on July 10, 2020. In Montréal, he had lived in a house that he had rented. His agreement with his new employer requires that he pay for his own moving costs. Note that he does not use the simplifiedmethodto calculatemovingcosts. Also, his employment income relating to the period in 2020 after the move totaled $34,850. The breakdown of his actual moving expenses was as follows: • Moving company charges = $9,100 • Airfare for house-hunting Toronto trip in June = $540 • Gas for September 22nd move to Toronto = $415 • Mealson September22nd during move to Toronto = $40 Charges for cancellation of lease on Montréal home = $3,300 -REQUIRED Compute the total amount of deductible moving expenses for 2020. You do not have to explain why any items were omitted from your calculations; however you will lose marks for amounts included/deducted in error. Show all of your work whether or not you feel it is relevant to your final answer. On September22, 2020, Danimoved from Montréal to Toronto to start a new job. Details relating to his move are as follows: Dani found a new home in Toronto during a 2-day June house-hunting trip there. The legal arrangements for the house purchase were finalized on July 10, 2020. In Montréal, he had lived in a house that he had rented. His agreement with his new employer requires that he pay for his own moving costs. Note that he does not use the simplifiedmethodto calculatemovingcosts. Also, his employment income relating to the period in 2020 after the move totaled $34,850. The breakdown of his actual moving expenses was as follows: • Moving company charges = $9,100 • Airfare for house-hunting Toronto trip in June = $540 • Gas for September 22nd move to Toronto = $415 • Mealson September22nd during move to Toronto = $40 Charges for cancellation of lease on Montréal home = $3,300 -REQUIRED Compute the total amount of deductible moving expenses for 2020. You do not have to explain why any items were omitted from your calculations; however you will lose marks for amounts included/deducted in error. Show all of your work whether or not you feel it is relevant to your final answer.
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To be eligible for a deduction the moving expenses must meet the following conditions The expense... View the full answer
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