I have rental income shared with my wife. Up & until last year Profile used to calculated & limit the CCA up to rental income & used to make it zero. In 2022 it is calculating full CCA & created a huge loss. Audit summary mentions that it ia an error.
How to correct this? Earlier program used to handle this
The new format for T776 is confusing. How/where do you enter the long term rental income and expenses, when it only has short term rental income and expenses? I have a client who is renting his condo to the same tenants for years. I am confused. Can someone help please?
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