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alorraway

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  1. alorraway

    CCA recapture

    The entire townhouse was purchased for $380K. I sold it recently for $440K. For tax purposes, I only used $21K for CCA under class 1 and $11K for CCA for class 8 assets. These amounts I considered to be the ACB as well. The UCC is reduced after 3 years or so of CCA calculations... I have expenses on both purchase and sale which is why I thought I would adjust these at the property level. I guess I'm very confused here and I should probably head to a tax accountant but thought I'd try and work it out first.
  2. alorraway

    CCA recapture

    Been struggling a while on how to fill out Ufile for a sold rental property. I know i will need to show CCA recapture into the income but not sure how to enter the details into Ufile. In the CCA section, I have a Class 1 building ACB of $21K, UCC of $19K and Class 8 furniture ACB of $11K and UCC of $6K. I'm not sure what to enter in the field 'Proceeds of Disposition of an asset'. If i look at the actual T776, it seems to show that the proceeds should not exceed the capital cost. So i would just enter the ACB amounts? I sold the entire property for $440K, purchased for $380K. I have expenses on purchase and sale of course, but i have entered these in another section so i don't think i need to enter them in the CCA section as well. thanks.
  3. Thanks for that response on the rental income. I saw that the software behaved this way for foreign rental income, which seemed the way to go. Though it didn't work this way for foreign interest. When i entered interest in the 'interest/investment income' screen and then the Foreign interest section, it showed my interest twice in my actual tax return. i thought that the software would not disclose it twice. So i presumed that i shouldn't enter it in the regular interest income screen and removed it there. i'm just hoping that is the correct approach. Any further guidance?
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