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For a rental unit, why does turbotax automatically split the rental income and expenses by the partnership amount (50% in this case), but not the CCA calculations?
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October 30, 2019
4:56 PM
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Self-employed
Turbo tax does not split CCA because there a cases where depreciable assets belong and are used only by one partner: example is a vehicle ( each co owner has a vehicle with different cost and usage ) computer and so on.
You need to calculate partners portion for each asset and enter it on appropriate tax return.
October 30, 2019
4:56 PM
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Self-employed
In my case, I don't need to use any CCA, but my partner/spouse does. When we use/expense CCA on his return it only reduces his total share by half. How do we record it so that he uses all of the CCA claim on his return.?
October 30, 2019
4:56 PM