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Self-employed
Which version of TurboTax are you using? CD/Download or Online? And are you doing business, rental or employment expenses?
October 30, 2019
11:16 PM
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Self-employed
I am using a download version. I am doing rental expenses. Without the CCA I am already in a loss position. TurboTax automatically calculates the CCA and I am unable to overwrite the CCA calculated.
October 30, 2019
11:16 PM
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Self-employed
Nope. The rules are:
only one property per T776
you can't use CCA to increase your loss or to create a loss on the T776
only one property per T776
you can't use CCA to increase your loss or to create a loss on the T776
October 30, 2019
11:16 PM
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Self-employed
Never mind. I got it figured. Thanks anyway. I looked to Google rather than TurboTax help. I guess I should have done that from the start.
October 30, 2019
11:16 PM
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Self-employed
CRA rules will allow a rental loss on one property by claiming CCA "if you are claiming more than one rental property". As you are required to complete a separate T776 for each property, this should "only" be happening if you are filing more than one T776 form. TurboTax is set up to limit the CCA claim so a loss is not created or increased on your rental property.
Please advise us if this is not the case and a loss is being claimed in error. Thanks 🙂
October 30, 2019
11:16 PM