☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 10, 2023 8:20:54 PM

Principal property changed to rental property and claiming CCA

I have a property which was my principal residence till Dec 2021 and I changed it to rental property from Dec 2021.
 
On tax claim for the year 2021 I fill the form for "Designation of a Property as a Principal Residence by an Individual" and enter the value of the property given by the appraisal.
 
In 202, I did not claim any CCA for depreciation of the property and neither entered any information regarding UCC or additions and dispositions of the property.
 

Basically in summary, Do I have to enter the value of the property excluding the land value somewhere in turbotax even if I did not use it last year for CCA claim?

 
I want to know if I want to use some percentage (for example 4%) for class 1 in my current tax year 2022, How should I do it ? 
 

0 1 946
1 Replies
Moderator
Apr 14, 2023 5:51:55 PM

If you didn't enter your rental property as a CCA addition in 2021, then you can still add it in 2022. But you will need to enter the addition cost as the fair market value of the property in 2021, less the amount you could have claimed for CCA in 2021.