topic I am splitting income rental on a property with my wife, I am using UCC to offset the income tax due. Should I Half the &quot;UCC Start of Year&quot; as turbo tax uses wholeamount in Investors and rental owners https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax-due/01/951598#M6845 Wed, 06 Nov 2019 20:02:29 GMT murphykarl 2019-11-06T20:02:29Z I am splitting income rental on a property with my wife, I am using UCC to offset the income tax due. Should I Half the "UCC Start of Year" as turbo tax uses wholeamount https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax-due/01/951598#M6845 Wed, 06 Nov 2019 20:02:29 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax-due/01/951598#M6845 murphykarl 2019-11-06T20:02:29Z Re: I am splitting income rental on a property with my wife, I am using UCC to offset the income tax due. Should I Half the "UCC Start of Year" as turbo tax uses wholeamount https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax/01/1023271#M6994 <P>As CCA is an optional claim, you have the choice of how much to claim, as well as which spouse takes the claim or both can claim it.&nbsp;</P> <P>&nbsp;</P> <UL> <LI>If <EM>you</EM> choose to claim the entire CCA available for that particular class: Enter the entire UCC amount in TurboTax under your name and make the full claim. (Example, Class 8 has a UCC of $2,000. Enter $2,000 as your UCC amount and claim the entire $400 available).&nbsp;</LI> <LI>If you choose to only claim 50% of the available claim: Enter 100% of the&nbsp;UCC amount in TurboTax under your name, then "edit" the amount to adjust the CCA you wish to claim.</LI> <LI>If both spouses wish to claim a percentage: Adjust the UCC amount to the percentage each spouse wishes to claim. (Example: Both wish to claim 50% of the Class 8 amount, the UCC would be entered as $1,000 for each)</LI> </UL> <P>NOTE: You will likely have to do some editing or adjust the amounts in TurboTax Online if both spouses are claiming CCA in order to get the correct percentages.&nbsp;&nbsp;</P> <P><EM>You'll want to make sure at no time does your UCC amount exceed what is available. For example: If both spouses were to enter the $2,000 UCC for Class 8, you would, in fact, be doubling it.&nbsp;&nbsp;&nbsp;<span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="UCCSplit 1.png" style="width: 999px;"><img src="https://turbotax.community.intuit.ca/community/image/serverpage/image-id/3517iE1CC1ECB86612E73/image-size/large?v=1.0&amp;px=999" title="UCCSplit 1.png" alt="UCCSplit 1.png" /></span><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="UCCSplit 2.png" style="width: 999px;"><img src="https://turbotax.community.intuit.ca/community/image/serverpage/image-id/3518iAF56142133A4F175/image-size/large?v=1.0&amp;px=999" title="UCCSplit 2.png" alt="UCCSplit 2.png" /></span><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="UCCSplit 3.png" style="width: 999px;"><img src="https://turbotax.community.intuit.ca/community/image/serverpage/image-id/3519i88F12FC7F30F13DD/image-size/large?v=1.0&amp;px=999" title="UCCSplit 3.png" alt="UCCSplit 3.png" /></span></EM></P> Mon, 27 Jan 2020 20:59:18 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax/01/1023271#M6994 TurboTaxKim 2020-01-27T20:59:18Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>
topic I am splitting income rental on a property with my wife, I am using UCC to offset the income tax due. Should I Half the &quot;UCC Start of Year&quot; as turbo tax uses wholeamount in Investors and rental owners
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax-due/01/951598#M6845
</link>
<description/>
<pubDate>Wed, 06 Nov 2019 20:02:29 GMT</pubDate>
<dc:creator>murphykarl</dc:creator>
<dc:date>2019-11-06T20:02:29Z</dc:date>
<item>
<title>
I am splitting income rental on a property with my wife, I am using UCC to offset the income tax due. Should I Half the "UCC Start of Year" as turbo tax uses wholeamount
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax-due/01/951598#M6845
</link>
<description/>
<pubDate>Wed, 06 Nov 2019 20:02:29 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax-due/01/951598#M6845
</guid>
<dc:creator>murphykarl</dc:creator>
<dc:date>2019-11-06T20:02:29Z</dc:date>
</item>
<item>
<title>
Re: I am splitting income rental on a property with my wife, I am using UCC to offset the income tax due. Should I Half the "UCC Start of Year" as turbo tax uses wholeamount
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax/01/1023271#M6994
</link>
<description>
<P>As CCA is an optional claim, you have the choice of how much to claim, as well as which spouse takes the claim or both can claim it.&nbsp;</P> <P>&nbsp;</P> <UL> <LI>If <EM>you</EM> choose to claim the entire CCA available for that particular class: Enter the entire UCC amount in TurboTax under your name and make the full claim. (Example, Class 8 has a UCC of $2,000. Enter $2,000 as your UCC amount and claim the entire $400 available).&nbsp;</LI> <LI>If you choose to only claim 50% of the available claim: Enter 100% of the&nbsp;UCC amount in TurboTax under your name, then "edit" the amount to adjust the CCA you wish to claim.</LI> <LI>If both spouses wish to claim a percentage: Adjust the UCC amount to the percentage each spouse wishes to claim. (Example: Both wish to claim 50% of the Class 8 amount, the UCC would be entered as $1,000 for each)</LI> </UL> <P>NOTE: You will likely have to do some editing or adjust the amounts in TurboTax Online if both spouses are claiming CCA in order to get the correct percentages.&nbsp;&nbsp;</P> <P><EM>You'll want to make sure at no time does your UCC amount exceed what is available. For example: If both spouses were to enter the $2,000 UCC for Class 8, you would, in fact, be doubling it.&nbsp;&nbsp;&nbsp;<span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="UCCSplit 1.png" style="width: 999px;"><img src="https://turbotax.community.intuit.ca/community/image/serverpage/image-id/3517iE1CC1ECB86612E73/image-size/large?v=1.0&amp;px=999" title="UCCSplit 1.png" alt="UCCSplit 1.png" /></span><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="UCCSplit 2.png" style="width: 999px;"><img src="https://turbotax.community.intuit.ca/community/image/serverpage/image-id/3518iAF56142133A4F175/image-size/large?v=1.0&amp;px=999" title="UCCSplit 2.png" alt="UCCSplit 2.png" /></span><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="UCCSplit 3.png" style="width: 999px;"><img src="https://turbotax.community.intuit.ca/community/image/serverpage/image-id/3519i88F12FC7F30F13DD/image-size/large?v=1.0&amp;px=999" title="UCCSplit 3.png" alt="UCCSplit 3.png" /></span></EM></P>
</description>
<pubDate>Mon, 27 Jan 2020 20:59:18 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-i-am-splitting-income-rental-on-a-property-with-my-wife-i-am-using-ucc-to-offset-the-income-tax/01/1023271#M6994
</guid>
<dc:creator>TurboTaxKim</dc:creator>
<dc:date>2020-01-27T20:59:18Z</dc:date>
</item>
</channel>
</rss>