Furniture has long-lasting value so it's considered to be a capital asset. Capital assets are deducted over time - like depreciation. You'll enter the information relating to the furniture purchase (price, date of purchase, etc.) as an addition in the Capital Asset/CCA section of the T776 and a portion of the cost will be available to use as a deduction.
Furniture is a class 8 asset. There's a spot to choose the class as well in the Assets section.
It's import to note that CCA (Capital Cost Allowance) can't create or increase a loss. If you're already in a loss position before the furniture is added, your loss won't get any bigger by adding the furniture. If you're close to a loss, CCA will only bring you to an "even" situation" - no loss-no gain.
But it's still important to add that furniture either way for two reasons
Look for the in-product help along the way in the CCA section. Lots of great info in there to guide you along! Plus, since you've opted for TurboTax Live Assist & Review, you can contact an expert at any time while you're preparing your return for individual guidance.
Furniture has long-lasting value so it's considered to be a capital asset. Capital assets are deducted over time - like depreciation. You'll enter the information relating to the furniture purchase (price, date of purchase, etc.) as an addition in the Capital Asset/CCA section of the T776 and a portion of the cost will be available to use as a deduction.
Furniture is a class 8 asset. There's a spot to choose the class as well in the Assets section.
It's import to note that CCA (Capital Cost Allowance) can't create or increase a loss. If you're already in a loss position before the furniture is added, your loss won't get any bigger by adding the furniture. If you're close to a loss, CCA will only bring you to an "even" situation" - no loss-no gain.
But it's still important to add that furniture either way for two reasons
Look for the in-product help along the way in the CCA section. Lots of great info in there to guide you along! Plus, since you've opted for TurboTax Live Assist & Review, you can contact an expert at any time while you're preparing your return for individual guidance.