Solved: I am a self employed carpenter .Where do I enter t...
Discuss
Discover
  • Community basics
    • Support
  • TurboTax™
    • Go to TurboTax

    Why sign in to the Community?

    • Submit a question
    • Check your notifications
    or and start working on your taxes
    EnglishEN

    Pick a language

    Français English
    cancel
    Turn on suggestions
    Showing results for 
    Search instead for 
    Did you mean: 
    user193514509063
    New Member
    posted
    ‎October 30, 2019 9:18 AM
    last updated ‎October 30, 2019 9:18 AM

    I am a self employed carpenter .Where do I enter tool expenses?

     
    0
    1
    315
    Reply
    1 Best answer

    Accepted Solutions
    TurboTaxJennifer
    Moderator
    Moderator
    ‎October 30, 2019 9:18 AM

    I am a self employed carpenter .Where do I enter tool expenses?

    Tools are considered to be Capital Assets so they are included in the CCA (Capital Cost Allowance) section of the Expenses. The expenses will be depreciated over time rather than all at once.

    Tools under $500 belong to class 12. Tools over $500 (each) belong to class 8.

    View solution in original post

    0
    315
    Reply
    1 Reply
    TurboTaxJennifer
    Moderator
    Moderator
    ‎October 30, 2019 9:18 AM

    I am a self employed carpenter .Where do I enter tool expenses?

    Tools are considered to be Capital Assets so they are included in the CCA (Capital Cost Allowance) section of the Expenses. The expenses will be depreciated over time rather than all at once.

    Tools under $500 belong to class 12. Tools over $500 (each) belong to class 8.

    View solution in original post

    0
    316
    Reply
    v