Question 25

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School

York University *

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Course

4562

Subject

Accounting

Date

Nov 24, 2024

Type

docx

Pages

1

Uploaded by DeanLoris1429

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Question: John owns a rental property that generated $40,000 in rental income during the tax year. He incurred $20,000 in allowable expenses related to the property, including maintenance, repairs, property management fees, insurance, and property taxes. Calculate John's taxable property income for the tax year. Answer: To calculate John's taxable property income, we subtract the allowable expenses from the rental income: Taxable Property Income = Rental Income − Allowable Expenses Taxable Property Income=Rental Income−Allowable Expenses \text{Taxable Property Income} = $40,000 - $20,000 = $20,000 John's taxable property income for the tax year is $20,000. This amount represents the net income generated from the rental property after deducting allowable expenses. It will be subject to taxation at his applicable tax rate.
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