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hbedi29
Returning Member

how to claim rental property depreciation under capital cost allowance CCA

HI 

 

i have rental property and am using TurboTax premier desktop version and need help claiming CCA for  property depreciation 

 

as there are 3 columns   class #  UCC start of year and cost of addition 

 

for class no i think its 1 dont know what to fill  under  UCC and cost of addition 

 

 

1 Reply

how to claim rental property depreciation under capital cost allowance CCA

Thank you for choosing Turbotax premier.

Depreciable properties are grouped into various classes. The complete list of depreciable property classes is posted on the Canada Revenue Agency’s website where you can find your class.  

 

After Finding your classgo to your TurboTax return and follow these steps:

1) Go to your Income section then go to the rental income.

2)After finishing with your rental income and rental expenses, it will lead to the UCC section.

3)First it will ask about the balance from the prior year, for those who have carrying amount from last year.

4)  you are doing this for the first time, you need to enter details in the additional for the current year.

5) In the current year you need to select a class then write a description of the property, then enter the date when you bought the property and the cost.

 

For more information visit this link: https://turbotax.intuit.ca/tips/dos-and-donts-cca-for-rental-property-explained-6377