Does TaxCycle have any thoughts of adding question(s) regarding short-term rentals for T2s and possible supporting schedules, e.g., Rental Worksheet Supplement?
@clpcca I will add your suggestion to our system. So, in my mind, I am reimagining T2’s rental worksheet with new “add back” or adjustment fields for non-compliant expense amount and CCA? And some type of a new question in Info or in Rental WS to indicate if the rental property is a non-compliant short-term rental or something along this line?
Steven
Thanks Steven, Yes, I guess something similar to what is on the T1 return, including possibly a note in the client letter regarding short-term rental, i.e., applies or doesn't apply. I haven't had a situation with T3s yet but if not in T3 program then maybe it should be there as well. Thank you.