Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
k24ting
New Member

Where do I claim purchase of a computer for home business, not incorporated

 
1 Best answer

Accepted Solutions

Where do I claim purchase of a computer for home business, not incorporated

You can claim this purchase in the capital asset section.  Indicate that you have purchased capital assets and then enter a new asset on the next screen.  The class for computer equipment purchased after 2007 is 50 with a rate of 55% CCA.  You only get half of the CCA rate times the cost in the first year.

Class 50 (55%)

Include in Class 50 with a CCA rate of 55% property acquired after March 18, 2007, that is general-purpose electronic data processing equipment and systems software for that equipment, including ancillary data processing equipment, but not including property that is included in Class 29 or that is mainly or is used mainly as:

  1. electronic process control or monitor equipment;
  2. electronic communications control equipment;
  3. systems software for equipment referred to in 1. or 2.; or
  4. data handling equipment (other than data handling equipment that is ancillary to general-purpose electronic data processing equipment).

View solution in original post

1 Reply

Where do I claim purchase of a computer for home business, not incorporated

You can claim this purchase in the capital asset section.  Indicate that you have purchased capital assets and then enter a new asset on the next screen.  The class for computer equipment purchased after 2007 is 50 with a rate of 55% CCA.  You only get half of the CCA rate times the cost in the first year.

Class 50 (55%)

Include in Class 50 with a CCA rate of 55% property acquired after March 18, 2007, that is general-purpose electronic data processing equipment and systems software for that equipment, including ancillary data processing equipment, but not including property that is included in Class 29 or that is mainly or is used mainly as:

  1. electronic process control or monitor equipment;
  2. electronic communications control equipment;
  3. systems software for equipment referred to in 1. or 2.; or
  4. data handling equipment (other than data handling equipment that is ancillary to general-purpose electronic data processing equipment).