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    user193514509063
    New Member

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

     
    posted
    ‎October 30, 2019 9:18 AM
    last updated ‎October 30, 2019 9:18 AM
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    TurboTaxJennifer
    Level 11

    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

    ‎October 30, 2019 9:18 AM
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    1 Reply
    TurboTaxJennifer
    Level 11

    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.

    ‎October 30, 2019 9:18 AM
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    1,461
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