Discuss
Discover
  • Community basics
    • Support
  • TurboTax™
    • TurboTax.ca
    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.

    Yes No
    cancel
    Turn on suggestions
    Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
    Showing results for 
    Search instead for 
    Did you mean: 
    eleanor4
    New Member

    I have a rental loss but TurboTax computed CCA anyway - is this correct?

     
    posted
    ‎October 30, 2019 4:41 AM
    last updated ‎October 30, 2019 4:41 AM
    0
    1
    694
    Reply
    1 Best answer

    Accepted Solutions
    TurboTaxTatsiana
    New Member

    I have a rental loss but TurboTax computed CCA anyway - is this correct?

     CCA ( for any of your rental properties)  is allowed to be claimed to the extent of Net income from ALL rental properties on your return. Turbo tax might compute CCA but it should not claim it. Rental loss is allowed when claiming  operating expenses , but CCA can reduce  you  rental income to  zero only. 

    View solution in original post

    ‎October 30, 2019 4:41 AM
    0
    666
    Reply
    1 Reply
    TurboTaxTatsiana
    New Member

    I have a rental loss but TurboTax computed CCA anyway - is this correct?

     CCA ( for any of your rental properties)  is allowed to be claimed to the extent of Net income from ALL rental properties on your return. Turbo tax might compute CCA but it should not claim it. Rental loss is allowed when claiming  operating expenses , but CCA can reduce  you  rental income to  zero only. 

    ‎October 30, 2019 4:41 AM
    0
    667
    Reply

    Related Content

    Ayad1
    rbarber1952
    Ayad1
    terry1229
    fessell810