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Found 13 results

  1. Where do I enter costs associated with the purchase of a new rental property?
  2. Hello - in 2005 I purchased a condo. I lived there until 2010. I then began to rent this condo (I moved elsewhere). I sold this condo in 2018. How can I claim the sale of this condo in 2018 but pay only the capital gains associated with the period during which it was not my primary residence (late 2010 through late 2018)?
  3. 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.
  4. I just started renting out a house last year and wonder about claiming the following: 1. Internet: we provide internet service for the renters. Utility? Other? 2. Light bulbs, batteries for smoke detector, etc. Maintenance and repair? 3. I know I can't claim my own labour but can I claim the materials I use to repair or maintain eg. paint, tape for painting, brushes? anything consumed in the job? 4. There is a deduction for gardening. Can I claim the fertilizer? Leaf bags? You can tell I'm new to this.
  5. Hello, I am wondering how this should be properly entered in Ufile: From Jan., 2015 to May 2015, I rented out my basement and 60% of the property was for my personal use. In June 2015, I rented out the full house and 0% was for my personal use. Would I need to create 2 rental income pages, one page with a period from Jan. to May and the other page from June to Dec.? How about the property taxes and interest paid on the mortgage - which page would I enter those in if the timeline is split like that? Thanks in advance, Irina
  6. Hi, I really need some help. This is my first time using UFILE, I have used Turbo Tax in the past. I am finding I am stuck on my rental expenses for our rental property. There are 4 of us that split the majority of the expenses, but there are also expenses we incur individually that do not apply to the others. Where can I record and deduct these? It's been pretty easy to use except this. I was hoping to file Monday. Thanks for your help. Sue
  7. Good day I have had a rental home for 10 years, and we have made a deal with the renter and I am now holding the mortgage, win win for both of us.. Question is, I have claimed income on the rental for 10 years, so now do I just not claim anything? or do I claim interest I make on the mortgage, I have searched RC site, no luck there. Thanks for any tips.. D
  8. I am having trouble with rental income. For some reason, line 126 (net rental income - Federal) appears "0" for both myself and my spouse (50-50% ownership). The provincial (Quebec) line 136 is BLANK. I added each property as "rental income", entered gross revenues, entered all expenses and the correct ownership percentage. Am I missing something critical? Is is possible that revenues from rental properties were added to line 121 ("Interest and other investment income") instead? That amount seems high at a first glance. This worked fine for 2013, but I can't get it to work for 2014 taxes. (NB: The 'generate rental income for spouse' feature didn't work. I was obliged to instantiate all properties and re-enter all data manually.) Thanks for your help!
  9. I don't want to use the rental property's CCA, how do I override the automatic entering of the CCA on line 9936 of the T776 form?
  10. Hello. I bought a condo last year as a rental income and was wondering what specific lawyer fees I can deduct. I'm talking about the fees charged to me for the initial purchase. Things like: Fee for Purchase Fee for offer to purchase amendment, mortgage conditions photocopies search fee tax modem closing fee registry Stewart Title - Insurance Can I deduct the whole thing or only certain things off the list of charges from the lawyer? Thanks
  11. Hi My spouse and I owned a rental income property 50%-50%. We disposed of it this year and have a capital gain. After completing the schedules in Ufile, I see that the rental income we had during the year was allocated 50%-50% to each of us. So therd doesn't seem to be an issue with allocation of the regular income from the property. However, the total capital gain on the disposition is being added back to both of our tax returns. For example, we sold the property at a gain of $25,000. Schedule 3 Line 138 for real estate shows the $25,000 as a gain. Schedule 3 Line 199 taxable capital gains equals $12,500. Line 127 on the T1 Federal schedule shows the full $12,500 to include in taxable income. This appears on BOTH my and my spouse's tax return so we both essentially have $12,500 being added as taxable income (combined total of $25,000). Since capital gains are taxed at 50%, I would have assumed that we would have had a combined taxable capital gain of $12,500 and not $25,000. Even the CCA recapture that is added back to our income is adding 100% to both our returns and not just the 50% portion. Can anyone shed some light on this for me? Is there somewhere else that I have to indicate it is split 50-50? Much appreciated!!
  12. I don't to claim the rental property's CCA, how do I override the automatic entering of the CCA on line 9936 of the T776 form?
  13. Hi, I have two rental properties and I am aware of the deductions such as mileage, utilities, interest, etc... that I can claim, but I was wondering what other expenses can I deduct? Mind you I don't have a home office but am I able to claim things like a portion of my cell phone bill, since all of my communication with my tenants is done via this phone or through email. If so how do I calculate the percentage I can claim? Thanks!
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