Thx Thomas. I am comfortable with that part, but when you are with a partner are you both obliged to take CCA on the same property? In other words Property Net Profit is $2000. (each partner getting $1000). Can one partner take CCA and not the other? to take this to zero?

I have a few Single Family Homes we rent with a partner and I am curious on options available in accounting for CCA. In other words I have business expenses that pertain to the real estate but are not specific to any one unit. When we have deducted CCA in the past we have taken the max allowed...

Correct Thomas. So i.e. purchase price was $1M and there was $5K security deposits. Amount owed to seller $950K. Therefore what you are saying is that the purchase price for CCA should be one million and the $5K should not be considered revenue but a liability on the balance sheet. Is this...

We just bought a multiplex apartment building and as part of the closing documents at the lawyers part of the closing adjustments we received a deduction for the deposits the seller held for each tenant. The question I have is; Can I reduce the purchase price by this amount to set up my CCA...