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Disposal of Building on T776 Asset Manager


#1

I’m not going to post this in the Bugs section, as this most likely is operator error… and I’m really struggling to figure this out.

I can’t figure out how to get the T776 Asset Manager to show the recaptured CCA on a building disposal. I thought I had input the correct values, had checked off the “All this asset was disposed” but for some reason it wants to ignore the Recapture and goes into negative UCC. I have played around deleting the current year disposal and re-entering, but there must be something else that I need to do.

Hoping to workaround, I can over-ride the negative CCA and properly inter my 30,378.87 Recapture into the appropriate box to end up with a UCC of zero, however, this does not work either. The Recapture flows to the T776 and gets subtracted (rather than added) to the rental income.

I’m kind of stumped… not sure what to do.


#2

Oh… and THANK YOU SO MUCH to whoever made the decision to get rid of the pennies in the CCA calculation !!! I have always rounded my Capital Cost Allowance to the nearest dollar and it looks like this year I won’t need to over-ride the CCA calculation to do the rounding. :relaxed:


#3

I had enquired about this with the earlier release to see if it had been intentional and was told it was not and would be corrected. :confused: I am okay with it but I wanted to make sure it was intended. Now I am even more confused.


#4

I believe your entries look right. Is there perhaps another Class 1 asset?


#5

@Arliss… Thank You for the nudge in the right direction !

This is a file that has been carried forward from Profile. Most of my 2015 files are Taxcycle, except for a few of the early filers. The client has 4 T776 Rental Statements based on ownership structures (with arms length co-owners).

To your question, yes, this particular T776 has 4 Class 1 Assets and Land associated with each, such that the Asset Manage has 8 pages. Now that you have asked “is there another class 1 asset” I see now the roll-forward from Profile has shown each of the Buildings as Class 1A on the Asset manager, yet given them all a separate page. Same for Land, all brought forward as Land-A. Looking at the CCA summary, I see they all got lumped together as 1 entry.

After reading your post this morning I was able to simply go to each page of the Asset Manager and change each Class 1 Asset to 1A, 1B, 1C, and 1D which immediately cleared things up. I did the same with Land.

Thanks for pointing me in the right direction. :wink:


#6

Darn, I thought the change to rounded was intentional. :slight_smile:
I have been using rounded only figures on T1 CCA schedules for the last 25 years.
If Taxcycle decides to change back to exact pennies for CCA it would be awesome if there would be some way to set the “override” tolerance to 99cents. Last year, every time I rounded a CCA figure to the nearest dollar on a T776 or T2125 or T2042 it showed up as an override which had to be signed off.