mah1551
New Member

terminal loss on sale of rental condo

Bought 2 rental condos in 2012.

Have never claimed depreciation as an expense. Sold one condo in 2022 and sold the last one in 2023. Both for less than the original ACB. Want to claim a terminal loss on line 9948 of the T776 for 2023 taxes for the one that was sold in 2023. Turbo tax will not allow me to enter the loss on line 9948. 

I entered the loss on the sale of the first condo in 2022 on line 9948 without having to enter CCA.

For some reason 2023 Turbo tax is wanting me to enter depreciation using the CCA chart for the one that was sold in 2023.

Why is this happening and how do I fix it.

‎March 4, 2024 1:42 PM
0
3 Replies
242 Views
Reply
Moussi2
Moderator
Moderator

Investors and rental owners

Please contact our Customer Support line at 1-888-829-8608, they will assist you with this matter while you share your screen.

 

Thank you for choosing TurboTax. 

‎March 4, 2024 1:59 PM
0
1 Reply
238 Views
Reply
mah1551
New Member

Investors and rental owners

I called the customer support line last Thursday, February 29 at 12:48 pm. I received an automated message that was no help at all. I need to talk to a real person.

‎March 4, 2024 2:27 PM
0
237 Views
Reply
Moussi2
Moderator
Moderator

Investors and rental owners

I requested a call back for you. One of our tax specialist will contact you on this matter.

 

Thank you for choosing TurboTax.

‎March 5, 2024 3:22 PM
0
219 Views
Reply