Steph 007 Posted April 26, 2023 Report Share Posted April 26, 2023 I’m struggling with how to input the sale of a non inventory class 8 business asset in Ufile 2022. Asset acquired in 2020 for $10,000. CCA of 2,000 in 2021 which gives a UCC of 8,000 at beginning of 2022. Sold asset for $10,000 in 2022. I entered this in UFile in the asset section and it created an income of $2000 for the recapture of CCA. Now should I also enter as a sale and add the cost of the asset as an expense ? Seems like it’s dupliacation? Also which cost would I input seeing as the precious years çca was recaptured? ACB ? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 27, 2023 Report Share Posted April 27, 2023 Hello Steph 007, The CCA recapture is correct. There is no additional sale to enter. Line 9947 – Recaptured capital cost allowance – add to Rental Income proceeds (dispositions) > UCC A recapture of capital cost allowance (CCA) can occur when the proceeds from the sale of depreciable rental property are more than the total of both: the undepreciated capital cost (UCC) of the class at the start of the year. the capital cost of any additions during the year. https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/completing-form-t776-statement-real-estate-rentals/line-9947-recaptured-capital-cost-allowance.html Quote Link to comment Share on other sites More sharing options...
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