Where is CCA/UCC I have claimed added into when filling Capital Gains; Proceeds of Disposition OR ACB?Additionally, is ACB the cost of property when originally purchased?

 

Self-employed

What is the property that you disposed of? Is it your principal residence? If so, how long have you been claiming CCA deductions on this property?

Self-employed

@justismi12 the answer to your questions really depend on your situation, can you provide more information please?

Self-employed

Bought small 900 sq ft house with finished basement suite in Oct 2015.  Lived on main floor and rented out basement suite in December 2015 - May 2016, and September 2016 - November 2016.  So we did inhabit the suite for 4 months of 2016.  For both 2015 and 2016 tax years claimed rental income, portion of utilities/property insurance and Capital Cost Allowance on a few items, ie; the suite's stove, water heater, shingled roof.  Decided to stop renting out as of December 2016.  We still live in the same house.

Self-employed

Additionally, the only property my wife and I own and have ever owned.

Self-employed

Also, living above grade is 912 sq ft and below grade is 361 sq ft.

Self-employed

It sounds like you haven't sold the property. That would mean that there could not be a capital gains or proceeds of disposition. Therefore, you should not be claiming a capital gains income on this property, continue to claim rental income when you rent the property.

Self-employed

There was a change of use however which is to be considered as you have sold even though you didn't actually sell it (sold at fair market value and immediately bought back) .  http://barretttaxlaw.com/change-use/

Self-employed

Since you are still living in the property, you do not have to claim a deemed disposition, unless:

1. you are renting more than 50% of the property
2. you have claimed CCA on the property
3. you have made significant renovations to the property to make it suitable for renting

This information can be found on the link your shared under "renting out the basement"

Self-employed

Okay, which leads us back to my original question.  I DID claim CCA on the property.  Where do i enter those values?  Is it added on to the Proceeds of Disposition OR on the ACB value?  OR is it just included with the cost to buy back what we sold?