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Determine tina capital gains status

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Question - Tina disposed of a painting on 1 July 2020 for $500,000 which she had bought in February 2008 for $350,000. She also sold an investment property for $310,000 in December 2020 and incurred agency fees of $15,000 on the disposal. She had bought the property in August 2009 for $200,000. In addition, she sold an antique vase in January 2020 for $10,000. The vase had cost her $15,000 in December 2012.

Tina had a capital loss of $12,000 in 2019 and $6,000 in 2018 that were not utilized in 2019; in addition to these losses, she has a loss of $9,000.00 in 2015.

Prior to the decision of disposing of the property, she made repairs of $20,000 in 2019 and had annual maintenance of $30,000 in 2020 on the property.

Determine Tina's capital gains status for 2018 to 2020. Post your answers in the discussion forum.

Reference no: EM132834355

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