Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
smiriguay
New Member

In claiming a capital gain or loss on my rental property, do I add my UCC balance from improvements to the properties adjusted cost base?

*this is the final year of business as I have sold the property*
1 Reply

In claiming a capital gain or loss on my rental property, do I add my UCC balance from improvements to the properties adjusted cost base?

No. If you are no longer operating your rental business, then you would need to dispose of all your CCA assets and close the classes. Once you have done this, you will either have a terminal loss, or a recapture. These will be applied to your rental income as either a deduction or income.

 

If you have TurboTax Live Assist & Review, click here to learn how to talk to a Tax Expert or book a review.