I'm trying to establish my UCC under these parameters :
1. Purchased new personal vehicle (A) in 2018.
2. Changed employment and used vehicle A for business use for the first 3 months of that new employment (Sept, Oct, Nov 2019)
3. On December 1, 2019, I leased Vehicle B, and will use the lease payments system instead of the CCA depreciation from then on.
Questions :
1. How do I establish the initial (Fair Value / UCC) of Vehicle A starting Sept 2019? I know there's a maximum of $30,000 starting value, and since this is the first year I'm utilizing the CCA, can I still use the max start value?
Or should I apply the depreciation for 2018, and take the lower amount as a starting point in 2019?
Vehicle A retailed for approximately $60K in 2018.
Example 1 : $30,000 *.3(for 2018) = $21,000 UCC for 2019 ?
Example 2 : $30,000 UCC for 2019 ?
2. Since I only used Vehicle A for 3 months, do I use the half-year rule ? or half of the Half-year rule % ?
3. In December, when I leased Vehicle B, I kept Vehicle A as a personal vehicle(Did not sell asset). How do I enter that in TurboTax ?
Thank you in advance !
Cheers,
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I believe you need to post your questions on the TurboTax Canada board (link below).
https://turbotax.community.intuit.ca/community/turbotax-support/help/03/en-ca
I believe you need to post your questions on the TurboTax Canada board (link below).
https://turbotax.community.intuit.ca/community/turbotax-support/help/03/en-ca
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