Does my vehicle qualify for DIEP or AII or neither?
Sole proprietor. I bought a new SUV last year. 60/40 for work/personal use. this is a class 10.1 vehicle (over $36 000) turbotax is prompting me to qualify for DIEP or AII. Do I qualify for either of these?
Does my vehicle qualify for DIEP or AII or neither?
Normally, the CCA recapture and terminal loss rules do not apply to passenger vehicles included in CCA Class 10.1 (passenger vehicles that cost over $34,000). However, if the vehicle has been designated as immediate expensing property, special rules apply such that recapture will most likely be triggered on a disposal. It may be best to contact the Canada Revenue Agency (CRA) to clarify the correct way to claim. You can call them at 1-800-959-8281.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
