Question

I under valued my property last year and need to change the Ucc value. How can I do that in this years tax return?

Forum|Forum|3 years ago
April 21, 2022
1 reply
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My property was under valued on last years taxes for the cca. I need to change that value. How do I change the property value to increase Ucc?

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_krups_2938

When you are in the Rental CCA (capital cost allowance) part of the TurboTax interview, you can click “Edit” to the right of the property and then change the UCC (undepreciated capital cost).

However, before doing this, you would need to adjust the acquisition cost and UCC amounts you entered for the property in previous years, and possibly the amount of CCA you claimed as well. This TurboTax FAQ tells you how you can change your previously filed returns: I've filed my tax return. Can I still make changes?

Thank you for choosing TurboTax.