On the rental summary, the net income for rental property is incorrect as it is allocating 100% of the cca instead of my ownership % of it. Will this mistake be carried through to T776 or is this just an error in this section. How do I see the T776?
For TurboTax, the allocation of expenses is prorated for the designation of percentage ownership by the software, that is you enter 100% of the expense item and the partnership percentage would reduce that amount by the percentage. However, with regard to CCA, the percentage allocation must be prorated by the person entering the information, that is you would have to enter 25% of the value in your example. Example: an asset that is acquired that has a value $10,000 that is of 100% business use, would have $2,500 entered into as an addition where there is 25% ownership/partnership. This applies to all capital assets. non-capital expense items are entered in their entirety.
Hoper this helps,
Regards, Allen
Good morning,
The part where it is calculating at 100% is for Home office? With 4 owners, Each one could have there own home expense.
To verify the software is calculating correctly, please contact us. Please call us by clicking the following link to the Contact Us page. Then complete the required information. A phone number will appear, along with your incident ID. Call the number. This will ensure that an appropriate agent is assigned to your query:
https://support.turbotax.intuit.ca/contact/
Leeanne@TurboTax
For TurboTax, the allocation of expenses is prorated for the designation of percentage ownership by the software, that is you enter 100% of the expense item and the partnership percentage would reduce that amount by the percentage. However, with regard to CCA, the percentage allocation must be prorated by the person entering the information, that is you would have to enter 25% of the value in your example. Example: an asset that is acquired that has a value $10,000 that is of 100% business use, would have $2,500 entered into as an addition where there is 25% ownership/partnership. This applies to all capital assets. non-capital expense items are entered in their entirety.
Hoper this helps,
Regards, Allen