- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Rental property - how to indicate classes of property linked to the rental, which were included in sale (but for which I didn't receive money)?
I disposed of a rental property, but had three other classes of properties that were linked to the rental property and still had UCC at the start of the year. When I disposed of the rental property, two of the three classes (100% & 55% rates) of properties were included in the sale (did not get any money for that) and I kept the third property (100% rate).
How do I indicate the following:
1) The two classes of property (of 100% and 55% rates) that were included in the sale and for which I did not receive money;
2) The class of property (equipment at 100% rate) that I kept;
3) Would they be indicated as a terminal loss and if so, how do I do that?;
4) How do I get rid of the remaining UCC for the property class that only has a 55% rate?5)
5) How do I fill out Column 9 of Area A of form T776?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors and rental owners
All assets that were sold with the property should be disposed at UCC at the start of the year. If you kept an asset for yourself, it is a deemed disposition to personal use and generally it is at FMV on the date of disposition. It should not be reported as a terminal loss as value of this items were included in the sales price of the property.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors and rental owners
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors and rental owners
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors and rental owners
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors and rental owners
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content