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Lal

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  1. UFile tax software is not able to post the CCA recapture amount on the below line properly for Co-owner portion of the amount, but instead it captures the full amount "Recaptured capital cost allowance (co-owners ? enter your share of the amount) . . . . . . . . . 9947." Here is my situation: Real estate (rental property) bought in year 2005 and sold in 2018. Purchase price: $130,000 Sell price: $186,000 UCC at the beginning of the year 2018: $119,000 Co-ownership split 10% and 90% When I enter all these values in CCA page under form 776, it won't show the 10% co-owner value of CCA recapture on line 9947. Net rental income after expenses for calculation purposes for my 10% co-owner portion: $200 Expected value on below line: Recaptured capital cost allowance (co-owners ? enter your share of the amount) . . . . . . . . . 9947. : $1300 i.e.,10% of ($130,000-$119,000) + $200 But the value it shows as per the current version of software = $11,200. So basically the issue here is that the software is not calculating the 10% Co-ownership portion, although it does have the rest of the income/expenses calculations properly and I have also selected the 10% portion of co-ownership for myself and 90% for my spouse. As a result of this issue, the entire amount $11,200 is going to my Net Rental income and incurring huge capital gains tax, which is incorrect. Not sure if I missed any steps... Please advise how to fix this issue?
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