CCA on rental property

shelby113 · ‎March 28, 2023

Why does Profile (T1) take the full amount of CCA on a rental property which results in a loss? I am aware I can override the amount, however in past years, this override wasn't required as the program automatically adjusted the amount based on the net income on the T776

janisbossenberry · ‎March 28, 2023

That is odd.....Are you sure there is not some rental income (positive income) being reported from some other source or property, or that the CCA is not being claimed on Class 8 assets?

Rick1953 · ‎March 28, 2023

seems to me that the quality is leaving prifile

Rick1953 · ‎March 28, 2023

seems to me that the quality is leaving profile.

shelby113 · ‎March 28, 2023

There is no assets other than the building. This file has three different T776's and I feel like it has something to do with that, but it is still generating a large loss, where the other two properties only have minimal income. This is not a new file. This is a carryforward, and everything is relatively the same from year to year.

janisbossenberry · ‎March 28, 2023

Can you send a picture of the CCA and rental schedule for that property? Maybe I can see something. I will be out for a bit but will check later.....

shelby113 · ‎March 28, 2023

Thank you. I appreciate it. Like I said in the original post, I know I can override the CCA amount, but it would be nice to know what the problem is.

janisbossenberry · ‎March 29, 2023

Does your client have any income showing on the tax return from a T5013? I cannot see anything that jumps out on the rental or CCA schedules. The only things I can think of is that there is something on the T776CCA# screen for that asset, or there is some rental income showing up from some other source on the T1. Which I could play around with the file - I am very curious.