ferrari488hp
New Member

Can CCA be entered twice for the same vehicle as it is used to run two different businesses?

I use my car to run 2 businesses. One business tarted in 2015 and the other in 2017. This is my first time claiming CCA. When entering the info to claim CCA for my 2015 business, I used FMV of my car in 2015 ( advised by TurboTax).  Now, when entering the details for the 2017 business, should I claim the CCA by using the FMV of my in 2017?
‎October 30, 2019 1:06 PM
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TurboTaxTatsiana1
New Member

Self-employed

You are correct!  The vehicle expenses have to be entered twice. The difference will be in KM  driven for business but all expenses and vehicle information will be identical. 

Example: you drove during the year 10000 km. Out of which 2000 for business #1 and 3000 for business #2. The rest for personal use. You need to enter full details for vehicle in each business  and TTO will allocate 20% of vehicle expenses to  business #1 and 30 % to business #2. 

‎October 30, 2019 1:06 PM
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