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I am completing a rental income schedule for a client. She has some expenses that are 100% claimable (i.e., advertising a unit for rent; repairs and maintenance exclusively to the rented space), while others have a personal portion (i.e., property taxes).
Here's my question: on the rental income form, ProFile assumes *every* expense has a personal portion. If I was completing this return on paper, for expenses which are 100% deductible I would simply enter the entire amount of the 100% eligible expense, and then not fill in a personal portion. However, ProFile automatically adjusts the claim downward for a personal portion.
What is the workaround for this? I could enter the 100% claimable expenses as "other expenses" (with no personal portion), but I am sure this is not how CRA intends this form to be completed (I read the CRA Rental Income guide for clarification).
Any input appreciated. Thanks!
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Rental income help some expenses 100% claimable, others not
#1
Palestrina 
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Posted 23 March 2011 - 06:07 PM
MultiQuote
#3
Palestrina
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Posted 23 March 2011 - 09:14 PM
Hmmm. OK, that's probably what I will do too - I just wondered if there was a formal workaround. Thanks!
#4
spenceh
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Posted 24 March 2011 - 11:50 AM
Palestrina, on 23 March 2011 - 12:07 PM, said:
I am completing a rental income schedule for a client. She has some expenses that are 100% claimable (i.e., advertising a unit for rent; repairs and maintenance exclusively to the rented space), while others have a personal portion (i.e., property taxes).
Here's my question: on the rental income form, ProFile assumes *every* expense has a personal portion. If I was completing this return on paper, for expenses which are 100% deductible I would simply enter the entire amount of the 100% eligible expense, and then not fill in a personal portion. However, ProFile automatically adjusts the claim downward for a personal portion.
What is the workaround for this? I could enter the 100% claimable expenses as "other expenses" (with no personal portion), but I am sure this is not how CRA intends this form to be completed (I read the CRA Rental Income guide for clarification).
Any input appreciated. Thanks!
Here's my question: on the rental income form, ProFile assumes *every* expense has a personal portion. If I was completing this return on paper, for expenses which are 100% deductible I would simply enter the entire amount of the 100% eligible expense, and then not fill in a personal portion. However, ProFile automatically adjusts the claim downward for a personal portion.
What is the workaround for this? I could enter the 100% claimable expenses as "other expenses" (with no personal portion), but I am sure this is not how CRA intends this form to be completed (I read the CRA Rental Income guide for clarification).
Any input appreciated. Thanks!
This is where I like the US ProSeries better as it automatically claims 100% of things like advertising and accounting fees which woud only relate to the rental income.
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