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jenkins1
Level 1

How to carry over a new fixed asset cost to next years tax return, using TurboTax (download, not online)?

Can anyone tell me how to carry over the cost of a fixed asset (a computer) to next years tax return in TurboTax Home and Business 2016? My son has a small business. He bought a laptop which I added to his T2125. He didn't earn enough in 2016 to pay taxes, hence we'd like to carry it forward so he can claim it next year. Can anyone help?

1 Best answer

Accepted Solutions
TurboTaxTerry
New Member

How to carry over a new fixed asset cost to next years tax return, using TurboTax (download, not online)?

In the CCA summary screen the software calculates the maximum allowable CCA for deduction. However you can choose an amount between the maximum and zero, if you enter 0.00 the entire CCA claim will be carried forward to 2017 and will then be recorded as UCC opening balance on the 2017 business Schedule.
You can access this information in the forms section, search T2125 (Forms icon top left) and review Part 11.

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4 Replies
TurboTaxTerry
New Member

How to carry over a new fixed asset cost to next years tax return, using TurboTax (download, not online)?

Are you preparing the tax return in the Easy Steps area or using actual Forms section?
jenkins1
Level 1

How to carry over a new fixed asset cost to next years tax return, using TurboTax (download, not online)?

I am using the Easy Steps (rookie).
TurboTaxTerry
New Member

How to carry over a new fixed asset cost to next years tax return, using TurboTax (download, not online)?

It is never too late to begin with Turbo Tax.
TurboTaxTerry
New Member

How to carry over a new fixed asset cost to next years tax return, using TurboTax (download, not online)?

In the CCA summary screen the software calculates the maximum allowable CCA for deduction. However you can choose an amount between the maximum and zero, if you enter 0.00 the entire CCA claim will be carried forward to 2017 and will then be recorded as UCC opening balance on the 2017 business Schedule.
You can access this information in the forms section, search T2125 (Forms icon top left) and review Part 11.
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