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LINE 9948-TERMINAL LOSS


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My question has nothing to do with SHARES. 

 

I am a CO-OWNER of a RENTAL CONDO which we sold in 2013.

 

Once everything was entered into the Rental section, I've discovered several PROGRAMMING ERRORS...the

TOTAL CCA is allocated to both co-owners equally and can't be ADJUSTED...this ERROR has been going on

for years.

 

A similar ERROR also exists at LINE 9948-TOTAL TERMINAL LOSS....the total is again being allocated to both

owners and CAN'T BE ADJUSTED between the two owners.

 

Now that I think about it....the CAPITAL GAINS probably CAN'T be ADJUSTED to a half per owner.

 

How do I over come the PROGRAMME ERRORS and complete our Tax Returns CORRECTLY?

 

Thanks.....THIS IS URGENT

 

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"How do we adjust or over-ride the gross amount so it reflects only our individual shares?"

Your question has nothing to do with shares?!?

To my knowledge, there are no programming errors but if you have doubts, please send a request to support@ufile.ca so we can take a look at your return. Thank you.

 

Rental income - Multiple owners
 

If the rental property is owned by a partnership, one of the partners in the company could be either your spouse or other people.

In order to report a rental income, follow the steps below:
 

1- In the "QuikClik Navigator", select the item "Rental income" and in the page on your right, choose "T776 - Rental income property".

2- Return to the "QuikClik Navigator" and choose the item "Partners".

3- In the screen on your right, you have two (2) choices, "Spouse co-owner of this rental property" or "Other partner or co-owner of this rental property".

4- If your spouse is co-owner, you have two choices in the drop-down menu, "Generate rental income statement for spouse" or "Do not generate rental income statement for spouse".

5- If you choose the first option, it is not necessary to enter information about the building in your spouse's file. However, the program will generate the Statement of Real estate Rental, both federal and Quebec for Quebec residents.

6- However, if you have different expenses, you should select the second option and the program will not generate the statement of real estate rentals automatically, in which case you must enter the complete information relating to the rental property in your spouse's file.

7- If none of the other partners is your spouse, you must choose "Other partner or co-owner of this rental property" and enter the name, the address, SIN as well as the share of ownership. The program will prorate the income and expenses. The partner must enter into his own file all the information relating to the property.

8- Please note that in the page "T776 - Rental property identification", the percentage that you must enter in the fields for "Percentage interest in the partnership" and "Your share (%) of ownership if other than 100%" should be identical.
 

For more information regarding rental income, please visit the following CRA link:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/126/menu-eng.html


 

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