CCA on rental property

Forum|Forum|3 years ago
March 28, 2023
3 replies
4 views

Why does Profile (T1) take the full amount of CCA on a rental property which results in a loss? I am aware I can override the amount, however in past years, this override wasn't required as the program automatically adjusted the amount based on the net income on the T776

ProFile (Canada)

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J

janisbossenberry

Level 7

That is odd.....Are you sure there is not some rental income (positive income) being reported from some other source or property, or that the CCA is not being claimed on Class 8 assets?

S

shelby113Author

Level 4

There is no assets other than the building. This file has three different T776's and I feel like it has something to do with that, but it is still generating a large loss, where the other two properties only have minimal income. This is not a new file. This is a carryforward, and everything is relatively the same from year to year.