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    mj88's Avatar
    mj88 Posts: 1, Reputation: 1
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    #1

    Sep 5, 2012, 10:03 PM
    Accounting question help
    I purchases 2 properties on 7 may 2002. The properties were either side of a semi detached townhouse development. Property 1 is my holiday house and property 2 is a rental property. I incurred the following expenses in relation to each property:
    - Purchase price 150,000
    - Stamp duty 2,250
    - Stamp duty on loan to buy property 3,000
    - Repairs to remedy defects in existence at acquisition - 15 July 2002, 4100
    - Rates and taxes paid equally on 1 julyof each year 20,100
    - Interest on loan used to acquire property. Interest paid first of each month, 68,000
    - New kitchen, installed 21 Feb 2003, 35,000
    - Repairs to roof, 5,000
    - Commission on sale (30 June 2011) 9,200
    - Hire of plants to improve properties at sale, 500
    Both properties were sold on 30 June 2011 for 330,000 each.
    Please calculate the capital gain or loss in respect of each property.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Sep 6, 2012, 05:05 AM
    This is OBVIOUSLY a homework question... Site rules require you to attempt it before we are allowed to offer any assistance.
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