ephen purchased a rental property on 03 August 2020 and has rented the property from this date. He incurred the following expenses when purchasing the property – > $6,320 Lender’s Mortgage Insurance > $15,987 Stamp duty on transfer of the property > $1,500 Mortgage broker’s fee > $750 Conveyancing fees > $600 Bank loan establishment fee > $700 Stamp duty on the mortgage Calculate how much Stephen can claim in borrowing costs for the 2021 year and select the correct answer below.
ephen purchased a rental property on 03 August 2020 and has rented the property from this date. He incurred the following expenses when purchasing the property – > $6,320 Lender’s Mortgage Insurance > $15,987 Stamp duty on transfer of the property > $1,500 Mortgage broker’s fee > $750 Conveyancing fees > $600 Bank loan establishment fee > $700 Stamp duty on the mortgage Calculate how much Stephen can claim in borrowing costs for the 2021 year and select the correct answer below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Stephen purchased a rental property on 03 August 2020 and has rented the property from this date.
He incurred the following expenses when purchasing the property –
> $6,320 Lender’s Mortgage Insurance
> $15,987 Stamp duty on transfer of the property
> $1,500 Mortgage broker’s fee
> $750 Conveyancing fees
> $600 Bank loan establishment fee
> $700 Stamp duty on the mortgage
Calculate how much Stephen can claim in borrowing costs for the 2021 year and select the correct answer below.
$1,766
$1,658
$1,311
$1,442
$1,879
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