BLSM
-
Posts
78 -
Joined
-
Last visited
-
Days Won
1
Posts posted by BLSM
-
-
I'm an idiot, but I hope someone can help me.
I'm working on my 2022 tax return, and I have a problem on the T2125 - Business activities.
In Dec. 2020, I purchased a new office computer. I had no plan to claim CCA, and totally missed adding the purchase to my tax return. In 2021, I also didn't notice, as I did not try to claim CCA on any assets.
Now, for 2022, our income has returned to more normal levels, and I would like to claim CCA on our assets, however, my computer is not listed!
I called CRA, and they told me to amend my 2020 return, to add the purchase of the computer. I can probably do that online, through 'My Account', so that's no problem. My problem is, how do I deal with it on my UFile Windows?
1. Do I go back into my 2020 netfiled return, and just add it in? Either way, it will make no difference to money owed.
If I do that, how do I get it into the 2021 CCA schedule? Do I have to add it in there as well, and start over with carrying forward my 2021 file into 2022?
I can't just add it in the 2022 return because I didn't purchase it in 2022, and I want to be able to claim the full year's CCA of 55%.
Any ideas?
Thank you in advance for any suggestions you might offer.
Brenda
-
I just did it.
You have to wait until your NOA has been issued, and for some things, you can do it right from your CRA "My Account". That's what I did and it was super-easy and I didn't have to send anything in, or wait.
-
We are eligible, but deferred our OAS. It's quite confusing, but there are actually 2 questions to answer on that page. You have to do it each year.
-
Update -
I ended up going to My Account on CRA and just clicking on change. All I had to do was enter the correct number in the spot and voila!
I changed both 2020 and 2021 at the same time, and was told my NOA would be ready and credit issued, within two weeks! easy-peasy
-
Dance, did you find your answer?
You should be able to report 2020 expenses in 2021, as long as they are within a 12 month period which ENDS in 2021. You need to enter the dates for the 12 months, so it will accept them.
I stopped using TT after 2018, but I always used a non-Dec. 31 year end for medical expenses.
I you have some which won't fit into 2021, you can go back and change your return for 2020, if there is enough to bother.
I just changed both 2020 and 2021 because I forgot to enter the end date, so UF defaulted to Dec. 31. I was able to change it right from 'My Account' on the CRA website. easy-peasy and they said it would take 2 weeks to credit the refund.
-
I got that message on hubby's return. I ignored it, and filed as is, since it made no sense.
-
Thank you, Curmudgeon, I found it and will try that.
-
ugh. I found it, where you add the LAST DATE of medical expenses. Without it, program assumes Dec. 31, and therefore did not include my late 2020 expenses.
Does that mean I have to go in and file an amendment? Can I do that from Ufile, or do I need to sign in to CRA, or mail something in?
Thanks for any help. I guess now, I have to check my two prior returns, since now I don't know if I did them right.
-
I know medical expenses can be claimed for any 12 month period ending in 2021. My year was Sept. 24, 2020 to Sept. 23, 2021.
I entered 2020 medical expenses in the interview, but realized AFTER I netfiled, that the program cut off all the expenses from 2020, which amounted to about 600.00!
I don't see anywhere that you put a start and end date, like you would when doing the paper form of medical expenses, so how do I make it accept my numbers?
Thanks, Brenda
-
Don't you do his own tax return? I never entered my son's income on my return. If he doesn't have a SIN, get him one. He'll be working all his life; start building up that RRSP contribution room.
-
Well, it says right there that all rental properties have a Dec. 31st year end, so don't put May in there.
-
I doubt you can combine them. My son and DIL separated, and I had done them as a couple. All I could do then, was keep the original 'family head' person and delete the other. Then, I had to start over with the second person.
-
-
I haven't run into this, but here's what I would do. Enter the address you lived in at year end. Just add all the expenses together and use the correct amounts. Keep all your receipts and calculations used, in order to provide backup for your position, in case of audit.
-
If I understand you correctly, the CCA percentage should not change. On the actual CCA page for the asset, there is a place to enter 'limit of CCA to claim'. Put 0 in that box, and it will claim none. I have several things I don't always claim CCA for, or only claim partial, for various reasons.
-
Do you only own ONE property? If so, what you posted doesn't apply; that's for multiple properties.
-
If you own one rental property – You can deduct reasonable motor vehicle expenses if you meet all following conditions:
- you receive income from only one rental property that is in the general area where you live
- you personally do part, or all, of the necessary repairs and maintenance on the property
- you have motor vehicle expenses to transport tools and materials to the rental property
You cannot deduct motor vehicle expenses you incur to collect rents. These are personal expenses.
-
If you own one rental property – You can deduct reasonable motor vehicle expenses if you meet all following conditions:
-
I don't think it matters where you live. It all goes under Medical Expenses.
-
Did you not get an email receipt confirmation? That's where my code was.
-
I'm in BC, and fortunately, our property assessment office does break down land and buildings. Even if yours doesn't, perhaps you can call them and ask. They must have a breakdown in their records, in order to know when to increase it. After all, the house likely depreciates, while the land appreciates.
What kind of blinds are they? If they are the vinyl ones that tenants always break, they are really not a capital expenditure. They have too short a life span.
-
Sorry, I thought I added a link. Here's the thread where I had trouble last year, and I think there have been a couple others.
-
Maybe the autofill just doesn't work well. I used to use Turbo Tax, and never ONCE did it work for me. I don't even try. At least when I enter my own numbers, I know they are correct.
-
Does the response in this thread help?
-
Rentalman, check to see if any of the renos can be used as 'current expenses', as opposed to 'capital expenses'. If so, you can write them off against the rent you collected last year.
The ACB will include the cost of the building and the share of the applicable fees.
Depending where you live, I'd hesitate to say that land was only 20% of the value. How does your local tax authority break it down?
As TaxSmith said, be sure to write out your calculations and how you determined the breakdown. You never know how long it will be before you need to justify those numbers, and as an ex-landlord of several units, I know I tended to forget over time. Even now, with our one commercial rental, I forget the when and why of things.
-
Did you answer YES on the CCA page, to the question of "Did you dispose of an asset in this class?".
If so, it should open up a place for you to enter more info, I think. At least, that's how it worked on my business CCA form.
I forgot to enter a fixed asset purchase in prior year; now I want to claim CCA on it.
in Technical questions
Posted
Thank you, Geo! That is what I expected, but wanted to make sure before messing it up further.
Brenda