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.

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 26CE
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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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