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Smart Copy on 2125

On 2125 (two partners), I filled the data in one and copy to others using smart copy. All looks fine, but when I try to do efile, the one I pasted data was not going through. The reason was that smart copy paste creating a problem. See the attached copy of form 2125. Line 9369, showing loss of 3323.15. Part 8 -Details of other Partners showing the right amount of -1661.58 as they are 50% each. But in Part 5-Your Net Income (loss) on line 9943, it shows income of 0.01 instead of loss of 1666.58. Then I start over and enter all data manually, now there is no problem. Does anyone else have the same problem?
2125.pdf (305.3 KB)

Hard to believe that got missed on review. :grin:

Thankyou for email

Bev

I have an issue that I have tried every suggestion received and it is not working

I will try to explain issue I have a client who had rental property, he sold in 2018. I assumed going thru the asset section of his business statement return would be self explantory and found myself lost. I then went into Asset form still not accepting fact that property was rental and not principal. I have wasted so much time searching that I am falling behind in returns. I even tried hit F4 and the F3 message could not find on cllients date entries. Please can someone guide me in right direction this is a major disposition.

Purchase price in 2004 110,000 Sold in 2018 $477,000. I would appreciate any advice.

Thankyou

Bev

.

On form T776, go to line 9936 (CCA)
Double-click to go to asset schedule
Scroll down to Area E (Building dispositions in year)
In column 3 enter $110,000
Now go to schedule 3, #4 (real estate)
Enter $477,000 in column 2, $110,000 in column 3
This will report a capital gain of $367,000
Page 2 of the T1, line 127 will show taxable amount as $183,500.
Finito

I realize this has hijacked Manjinder’s topic, and I also get the impression that Bev is very unfamiliar with how to start new topics or even how the discussion forum software works. I see references to emails as well as asking the same question in multiple topics.

I will try to assist, although from reading the few posts that have been made, I’m not sure it will help all that much. I know it isn’t my business, and please don’t be offended, but the troubles you could be having might stem from something deeper than an understanding of the TaxCycle software.

Your client had a rental property. Rental income is reported on the Schedule T776, not a Business Statement, so you are looking in the wrong section of the software. This isn’t really a software problem.

If you have never set the rental property up on the clients CCA Schedule and taken Capital Cost Allowance on the property, you can likely just go directly to the Schedule 3 and enter your disposal details right there.

If you do have the client’s property set up on his rental statement then you are going to want to locate the “T776Asset Manager” and enter your disposal in the area that says “Current Year Addition / Disposition Transactions”. You will need to know how much CCA you have claimed in prior years so that you can properly calculate the recaptured CCA, before calculating the capital gain. Like I said, if you have never set the property up on the CCA schedule, you could just go to the Schedule 3 and report in Section 4.

I’m not trying to come off sounding too sarcastic… but the underlying issue might be something deeper than just understanding how the software works.

2019-04-09_20-05-46

2019-04-09_20-06-54

1 Like

I really do not need you help. So will give you any acknowledge.

msbuttar

I had the same thing today, I just needed to save, close and reopen the file then all was good.

Jim

why you are posting rental issue here ? I am looking for answer to my issue on 2125. You need to create a new topic and select appropriate heading. Please don’t hijack someone’s topic.

this issue came with some recent update, because it was fine last month.

:laughing::laughing:

Great answer Wayne. You have remarkable patience.

I think sales of Taxcycle must have hit a new high this year.

1 Like

Ditto @Arliss

Hello,

It appears the smart copy could not resolve the partner’s name when it was pasted to their T2125 statement. The program will match the first and last name fields in the source ‘Details of other partners’ table to determine which return the statement is being pasted to, and the details for that person is not added to their own table in Part 8. In this case both partners appear in the table on Part 8, both with a percentage of 50%. Please delete this row from Part 8 and the statement will calculate properly.

Thank you

Dan Parkinson
Trilogy Software

I did one smart copy paste on 2125 on 14th Mar 2019 and it worked fine, but last week, I got this problem. I think it happened due to some software update after 14th March.