CCA and Class 10.1 Motor Vehicles
We have two rental properties in which takes about 20% of our total motor vehicle costs. Hence, I have claimed CCA for 20% and allocated it to one of the rentals. However, I plan to sell that rental property next year and will not be getting rid of the vehicle to continue using it for the other property. Next year my motor vehicle for rentals will probably decrease to 10%.
How will the proceeds of dispositions work in this case? Do I assume it is sold along with the rental property or do I not have to do anything with it since I will not be disposing it? Can I just take the UCC of that vehicle and continue claiming it for the unsold rental?
How will the proceeds of dispositions work in this case? Do I assume it is sold along with the rental property or do I not have to do anything with it since I will not be disposing it? Can I just take the UCC of that vehicle and continue claiming it for the unsold rental?