James purchased a holiday house for $280,000 in a contract that was signed on 30 January...
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James purchased a holiday house for $280,000 in a contract that was signed on 30 January 1995 and settled on 5 April 1995. He sold the property for $340,000 in a contract that was signed on 30 March 2022. The expenses James has incurred in relation to the property are outlined below. The property was only used for private purposes, so none of these expenses have been claimed as a tax deduction. Date 5 April 1995 5 April 1995 15 August 1997 12 June 2001 Details Stamp Duty on purchase Conveyancing fees on purchase Bathroom renovations Construction of new pergola Interest on loan over the period of ownership Council and Water Rates over period of ownership Real estate agent fees Conveyancing fees on sale a) Calculate the capital gain or loss James has made on the sale of the property 30 March 2022 30 March 2022 Amount $ $ 8,275 875 $ 25,000 $ 11,800 $ 198,775 $36,780 $ 18,300 2,675 LA $ James purchased a holiday house for $280,000 in a contract that was signed on 30 January 1995 and settled on 5 April 1995. He sold the property for $340,000 in a contract that was signed on 30 March 2022. The expenses James has incurred in relation to the property are outlined below. The property was only used for private purposes, so none of these expenses have been claimed as a tax deduction. Date 5 April 1995 5 April 1995 15 August 1997 12 June 2001 Details Stamp Duty on purchase Conveyancing fees on purchase Bathroom renovations Construction of new pergola Interest on loan over the period of ownership Council and Water Rates over period of ownership Real estate agent fees Conveyancing fees on sale a) Calculate the capital gain or loss James has made on the sale of the property 30 March 2022 30 March 2022 Amount $ $ 8,275 875 $ 25,000 $ 11,800 $ 198,775 $36,780 $ 18,300 2,675 LA $
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South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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