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Multiple T776's and wanting to claim different amount of CCA on one


#1

OK,

I have this client that has two separate rental properties on separate T776 due to different ownership.

T776CCA shows the following for property 1 (first one entered in taxcycle)

T776CCA shows the following for property 2 (ie second one entered)

Property one was sold on January 1, 2016 and the client told me not to claim the CCA for the year since he will just get it back as recapture CCA in 2016. I know it is only 139.06 of additional recapture but he was insistent that I do this so

So I changed the claim a different amount to yes and this schedule works find (or so
I thought)

But property two does not work fine…

Typing into the cell does not work

I figured that that hey lets change the No to yes on this property and no go

However, it works fine if property 2 is marked as yes and property 1 is not.


#2

I don’t know if it is of any use to you James, but I am making most of my CCA adjustments in the “Asset Details” area of the T776. I had a client a few weeks ago with 4 separate T776’s due to different ownership structures. CCA taken on some and not on others. I also have this OCD thing about claiming CCA so that most of my ending UCC pools end with even numbers (no cents).


#3

Yes, I know I can override the amount to make it work but I figured I would pass on the bug.


#4

Now that I have played around with it a bit in my test return I understand what you are saying James. Don’t mind me, sometimes I am slow to catch on, but eventually I do get it. :relaxed:


#5

We are looking into this

~ Rob


#6

An update on this…we have replicated the issue and will resolve it, however since it is complex to adjust CCA calculations at this time of year - we will update with the fix at a later release after the end of April. For now…the asset form column for CCA can be over-ridden to zero to get the nil claim on the property in question and this will not impact other property cca amounts.

~ Rob


#7

Already did that. I suspect that this bug will not affect that many individuals during tax season. Make sure you check the other business schedules as well for the T1 and other modules


#8

@Rob ,

Maybe you should consider adding the option to round the CCA claims to the nearest dollar. @snoplowguy can not be the only accountant that likes round numbers


#9

As CRA also likes round numbers, I think that should be extended to all fields where CRA has round numbers