Question: Gross rent received 12,000
Annual payments and mortgage interest relating to the rental property
(note 3) 10,500
Assume all amounts shown are deductible. Emily had the rental property built to her specifications on land she purchased on 31 January 2016 for $100,000. The rental property was completed on 1 July 2017 for a cost of $315,000 and has been rented from that day. On that day she also paid a total of $1500 borrowing costs in relation to a ten year mortgage used solely to purchase the property. Purchase (21/02/18) of a new refrigerator for the rental property with an effective life of 3 years 925 Apart from the new refrigerator there are no other depreciable assets related to the rental property.what is the rental loss on30/6/2018?
I do not know how to calculate the rental interest or loss on 30/6/2018?
Question: Gross rent received 12,000 Annual payments and mortgage interest relating to the... View the full answer