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New Member
posted Oct 29, 2019 9:30:45 PM

I purchase a vehicle in 2013, no payments or lease payments. I claim about 20% of vehicle for my business. Can I claim depreciation for the year 2015?

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New Member
Oct 29, 2019 9:30:46 PM

Yes, you are able to do so.  Enter the vehicle information not as a purchase, but as a capital asset.  You haven't claimed any depreciation on the vehicle yet, so depreciation can be calculated based on the purchase price of the vehicle, and since 2015 was not the year the asset was purchased, you are not subject to the half-year rule.  You will need to be careful...if the cost of the vehicle before taxes was greater than $30,000 you will need to enter it as class 10.1 and the cost entered would be $30,000 plus applicable sales taxes (GST + PST, or HST).

1 Replies
New Member
Oct 29, 2019 9:30:46 PM

Yes, you are able to do so.  Enter the vehicle information not as a purchase, but as a capital asset.  You haven't claimed any depreciation on the vehicle yet, so depreciation can be calculated based on the purchase price of the vehicle, and since 2015 was not the year the asset was purchased, you are not subject to the half-year rule.  You will need to be careful...if the cost of the vehicle before taxes was greater than $30,000 you will need to enter it as class 10.1 and the cost entered would be $30,000 plus applicable sales taxes (GST + PST, or HST).