Fred Trent owned two residential rental properties in 2023 and the income and expenses are listed...
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Fred Trent owned two residential rental properties in 2023 and the income and expenses are listed below. Income: Rental property #1: $2,000 rent per month from January to December. Rental property #2: $3,000 rent per month from January to December. However, the payment for December was received in January 2024. Annual expense: Rental property #1: property tax of $4,000; insurance of $2,000. Rental property #2: mortgage payment of $20,000 (including $10,000 interest + $10,000 principal); property tax of $5,000; insurance of $3,000. UCC at the beginning of the year - Rental property #1: $500,000 Rental property #2: $800,000 CCA class 1-4% Calculate rental income for Fred. Please show detailed calculation. Fred Trent owned two residential rental properties in 2023 and the income and expenses are listed below. Income: Rental property #1: $2,000 rent per month from January to December. Rental property #2: $3,000 rent per month from January to December. However, the payment for December was received in January 2024. Annual expense: Rental property #1: property tax of $4,000; insurance of $2,000. Rental property #2: mortgage payment of $20,000 (including $10,000 interest + $10,000 principal); property tax of $5,000; insurance of $3,000. UCC at the beginning of the year - Rental property #1: $500,000 Rental property #2: $800,000 CCA class 1-4% Calculate rental income for Fred. Please show detailed calculation. Fred Trent owned two residential rental properties in 2023 and the income and expenses are listed below. Income: Rental property #1: $2,000 rent per month from January to December. Rental property #2: $3,000 rent per month from January to December. However, the payment for December was received in January 2024. Annual expense: Rental property #1: property tax of $4,000; insurance of $2,000. Rental property #2: mortgage payment of $20,000 (including $10,000 interest + $10,000 principal); property tax of $5,000; insurance of $3,000. UCC at the beginning of the year - Rental property #1: $500,000 Rental property #2: $800,000 CCA class 1-4% Calculate rental income for Fred. Please show detailed calculation. Fred Trent owned two residential rental properties in 2023 and the income and expenses are listed below. Income: Rental property #1: $2,000 rent per month from January to December. Rental property #2: $3,000 rent per month from January to December. However, the payment for December was received in January 2024. Annual expense: Rental property #1: property tax of $4,000; insurance of $2,000. Rental property #2: mortgage payment of $20,000 (including $10,000 interest + $10,000 principal); property tax of $5,000; insurance of $3,000. UCC at the beginning of the year - Rental property #1: $500,000 Rental property #2: $800,000 CCA class 1-4% Calculate rental income for Fred. Please show detailed calculation.
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To calculate Fred Trents rental income for 2023 we need to consider the income from both ren... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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