I've been using Turbotax for years. My spouse and I are co-owners of 2 rental properties. Due to our different tax situations, in some past years we have claimed different CCA amounts for the tax year. This means our Undepreciated Capital Cost (UCC) balances are NOT the same. We started this in 2015. This year I was doing a 'take CCA or not' analysis and when documenting our CCA history, noticed Turbotax incorrectly captured UUC opening balance in prior years.
For 2016 Turbotax correctly carried forward the unique balances to each of our returns. We again used different CCA deductions for our respective returns in 2016. However, the UUC balance used to start 2017 was set to the same value for both of us - my wife's being correct and mine set to same as hers rather than bringing forward the correct amount from the prior year reflecting my different CCA amounts.
Example:
Self | Spouse | ||||
2015 | UCC | 100 | 100 | ||
CCA | 3 | 4 | |||
2016 | UCC | 97 | 96 | ||
CCA | 2 | 4 | |||
2017 | UCC | 92 | 92 | ||
Note: 'Self' 2017 UCC should be 95, but Turbotax reported as 92
Is this a bug? Did I do something incorrect? How do I make things right?
This needs more sharing of your personal data. At any given year, you are allowed to you the portion of the CCA that eliminates your expenses but not to bring them to a negative amount. This could be one of the reasons why the software changed the preferred value you chose.
For questions for which personal information must be exchanged, you can contact us by phone or private message on our Facebook and Twitter social networks.
We also offer tax expert services as needed.
Thanks in advance for your understanding,
userl0d1nljwuc9v
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sebastien-laberg
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QuestionTaxSpouse
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THEONECR7
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cjhull621
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