Hi,
I am trying to claim the CCA building depreciation on my rental property for the first time. I know that the first year, the half year applies, but it did not get applied on my turbo tax, and doesn't let me input it manually. I input the cost of the building and class in Section C and then it calculates automatically, but does not include the first half year calculation. WHy is that?
Also on my T776 form, the CCA created a loss on my rental income, which it is not supposed to. Please advise why it is doing that, and I cant change the amount of CCA to claim.
I had already blanked out the expenses and on purposedly changed my income amount to be lower than the CCA amount, but it still created a loss. Is there not a function to limit how much CCA it can claim? If there is no limit why can I not change the amount manually?
oops So i figured why the half rule didnt calculate correctly, it was beacuse I clicked on the feature if it was an Eligible Property* for Accelerated Investment Program.
I unclicked that and that worked the half rule of CCA calculates correctly. BUt still i do not see the CCA claim changed so that it does not create a loss.
Currently it appears to still be able to create a loss, does that mean I can't claim a portion of it. Can only claim the calculated amount?