Should I report a portion of the CCA recapture based on the average business use percentage over the life of the vehicle when there was no business mileage in 2017? T2125

phuigenbos · ‎October 30, 2019

Background: I sold my vehicle in 2017 that I have used both professionally (sole proprietor) and personally in the past and did not purchase a replacement vehicle. This resulted in a recapture of CCA in the amount of $X,000 in 2017. I have no business income or expenses to report in 2017 as I elected to discontinue the business in 2017. Given I have no business mileage, there's no percentage being applied to the CCA recapture and subsequently no income to add or tax liability being calculated. T2125

TurboTaxTatsiana1 · ‎October 30, 2019

The only way to record it is to assign % of use. You don need to put it in km, you can just assign % as 1/5 if your average use was 20%

Make sure you indicate that this is last year of business so the form does not come up next year .

Should I report a portion of the CCA recapture based on the average business use percentage over the life of the vehicle when there was no business mileage in 2017? T2125

Self-employed