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Morvy

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  1. I want to get advice on how to claim capital gain at partnership level in Ufile Online. We sold a rental property with 3 co-owners (non-spouse) in 2018. When we purchased the property, we setup the co-ownership in Ufile and the rental income has been split properly among the 3 owners through the years that we owned the property. However, this year we could NOT find a way to split the capital gain, from the sale of the property, among the 3 owners. The only way we could find for claiming capital gain was to say ‘yes’ to the “disposal of the property” question under our CCA – class 1 balance containing the property value and then enter sales amount and expenses incurred underneath. Unfortunately, this approach creates two issues: 1- Full capital gain is applied for each individual owner. For example, say we all got $21k of capital gain from the sale of the property. With the above approach each of us see $21k is added to our income, while the capital gain for each of us should be $7k. 2- Other than the CCA class 1 that contains balance of the property value, we had other CCA classes from previous years (upgrades, tools, etc) that should have automatically been included as part of expenses. However, these balances are not considered as part of expenses in the final report and the only way I could find was to add them as list of expenses under CCA class 1 containing the property value. I think the problem is that the link between CCA classes and property ID is not there. We could not find any option at the parent level to enter sales information in order to keep partnership rate and CCA classes. Can you please advise how to fix this issue? ReplyForward
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