Hi, this is my first time filing tax myself using turbotax (in the past it has been with accountants who I feel aren't asking enough probing questions to maximize our return).
We have a rental property, for which we have a pretty steep loss - we paid way more mortgage interest than the rental income due to the high rate environment. While filling in the pages, we entered the rental income, the interest, property tax and all other expenses. However, when the filing was done, turbotax shows a CCA amount as part of a "warning" that we could not make sense of. Can you please advise how Turbotax calculates the CCA, and why it would generate a number there when there was no instructions to claim CCA?
Also, since we reviewed and didn't see any error in the rental income and expenses we provided earlier, we submitted the tax return anyway. What is the consequences of this number being calculated wrong?
Lastly, is it possible to pay a one-time fee for someone to take a look at the already-submitted tax return to ensure we do not run into any trouble?
Thank you!
