Tim owns a rental property. During the 2020 tax year, Tims records show the following: a. On
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Question:
Tim owns a rental property. During the 2020 tax year, Tim’s records show the following:
a. On 26 June 2020, Tim asked an electrician to do some repairs on the property. The electrician quoted him $7,000. Tim accepted this quote and the electrician is scheduled to start the repairs on the property on the 10th of July 2020.
b. On 28 June 2020, Tim paid $300 for lawn mowing services at the rental property.
c. On 30 June 2020, painting work of the building exterior was completed. The painter’s Invoice totaling $5,000 has not been paid.
Required:
What amount (if any) can Tim deduct during the 2020 tax year?
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