Personal use property.....my UCC is $1000...sold car for $4000...new car is $30,000. How do I enter this for capital gains ? Thank you

[Delphision · Accepted solution]

Assuming this is a T2125 for self employment, or a T776 for rental income, you will show the disposal of the first vehicle for $4,000 or the original cost if it is less than $4,000.  You will then add the new vehicle in the additions section at the purchase price. This does not involve capital gains.  If you ended up there, you will need to delete all entries under capital gains.