Please I will appreciate any hint on this:
I have a rental property which was sold during departure year, I talked to my CPA and he mentioned that since property was sold i cannot take depreciation the year I sold it.
In Canada, CCA is optional but IRS ask that one depreciate a rental property. And since i have to declare rental on both returns, I tried using turbotax.ca and turbotax.com, I was comfortably able to depreciate rental property in Canada on my 1040 return but having errors doing so with turbtax.ca on the T1 return.
My question is, is my accountant correct by saying you can not depreciate rental property in the same year you sold the rental in Canada?
Thank you
CCA Question on rental property
Moderator: Mark T Serbinski CA CPA