TurboTax-Terry
New Member

Self-employed

You will need to set up expenses for each vehicle separately in Turbo Tax. If you are intending to claim CCA on the first vehicle you will need to determine the applicable Class (10 or 10.1) based on the value of the automobile in January 2017. This is your cost of additions for that vehicle. Then you will also need to indicate a disposition in 2017 for the trade in value of $11,500.

Your new vehicle will also be set up for see as an addition in November using the total cost (up to the maximum of $30K).

Depending on the Class of the first vehicle, I will assume Class 10 base on the end value for trade in purposes (Class 10 vehicles are worth under $30K and class 10.1 are more than $30K, see guidelines) you need to consider if there is depreciation available between January and November valuations.