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Override rental property CCA on T776


testpilot69
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Can one of you tell me how to enter the initial purchase price of the rental property and then the capital additions in the interview portion of Ufile? Nothing I do seems to work and it is very frustrating. The amount I put in for capital additions shows up on T776 of the Final Return where the initial purchase price is to be, and the initial purchase price does not show up at all. I have emailed Ufile Support but they are not responding to me. Time is a-ticking, help please!

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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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Gabriel, I did reply to my initial email request yesterday (after trying the links, which did not help me any), but I have not received any further response. My question is Request #UB1599869.

 

As stated earlier, my questions relate specifically to page 2 of T776 dealing with CCA. Even though I do not intend to claim depreciation this year, CRA has told me that the information should be completed on page 2 of the form. I am unable to use the interview process to get the required information properly onto page 2 of T776, including my initial purchase price of the rental property and the capital additions made in 2013. The amount I input in the interview process under "capital additions" is ending up in the spot on T776 where the initial purchase price should be recorded, and the initial purchase price that I enter during the interview process is not showing up anywhere in T776.

 

 

 

 

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