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justin514
Returning Member

Turbotax 2019 Allowing CCA loss

My rental income from my sole property for 2019 was $14 000. My expense related to the rental were $14 400 (interest, insurance, maintenance, taxes, etc.). I have Class 8 assets that I purchased in 2019, however since I am at a net loss (-$400), I shouldn't be able to depreciate them in 2019, however Turbotax allows me to create a greater loss by claiming CCA. Is this an error in the software or am I missing something? 

2 Replies
Chris_Gruber
Level 2

Turbotax 2019 Allowing CCA loss

Did you get an answer to this question?  I am seeing the same thing with TT2020.  This seems to be like a bug since you cannot use CCA to create a loss.

justin514
Returning Member

Turbotax 2019 Allowing CCA loss

Sorry for the late reply. No I never received a reply to my question. When I reached out to Intuit, they seemed stunned but didn't offer much guidance... I'm happy to hear I am not the only person experiencing this issue!

 

 

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