Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 7:39:29 AM

Where do I enter recapture information for a sold rental property?

I am using Easy Step method. I cannot find the place to enter recapture information for CCA I have claimed before the property was sold. If it cannot be done by Easy Step, please instruct me how to do it. As I understand I have to enter this information when I sold my rental property, right?

0 1 2059
1 Replies
Moderator
Oct 30, 2019 7:39:30 AM

You can enter last year’s end UCC balance, and then enter information about the sale to have the program calculate the recapture.

 

Under the “Income” tab, select “Rental Properties”. Click the “Yes” button.

Then “Edit” an existing property or “Add” a new one.

Fill in the “Real Estate Rentals Statement” page and click “Continue”.

Click “Done with vehicles”.

On the “T776 here's your capital cost allowance for your assets” page, click “Enter UCC Balances From Prior Year” to enter your previous UCC balance, then “Done With CCA”.

Back on the “T776 here's your capital cost allowance for your assets” page, click “Enter Additions/Dispositions” to enter details about your sale, then “Done With CCA” to save.