Hi, I could not find the right place to fill out the percentage for personal use in T776 Rental statement. I just remember there was a place in the form where you were able to fill out that percentage to correctly calculate your expenses for net rental income.
Please advise, thanks a lot!
In TurboTax Online in T776 Rental Expenses software asks you to include only rental-related expenses without the personal portion of expenses. It is under the tab "Income" - "Rental properties". Is that what you are looking for?
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Thanks for your reply. However, CRA T776 form still requires numbers for personal use expenses if you take a look at the T776 form 2023 on part 4, where you can see two volumes, one for total expenses and one for personal use expenses. This is actually similar to the same form from last year, except No percentage needed. Please understand these two numbers are so important in helping CRA to determine if your property with rental income is still qualified as your principal residence for tax purposes and I believe your tax experts would be able to better explain this to you. Please take into consideration this issue, as it is indeed required by CRA and has to be included in your software for paid users to input it. Thank you!
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I have the same question. If Turbotax does not allow us to fill out the percentage for personal use in T776 rental statement, how would CRA know what percentage of the principal house is used for rental? Could you please investigate and fix it ASAP? Part 4 of T776.
@echosong99 If you are using TurboTax Online, it asks you not to include the personal amounts of expenses. So, if the CRA asks, you would show them the calculations that you used to come up with the amounts that you entered.