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 forĀ 
Search instead forĀ 
Did you mean:Ā 
pa1gepage
New Member

Can financed car payments be claimed? I started as a real estate agent mid year and thought I could put in my car payments but I'm not sure where to put them?

 
1 Reply

Can financed car payments be claimed? I started as a real estate agent mid year and thought I could put in my car payments but I'm not sure where to put them?

Monthly car payments when financed cannot be deducted as an expense.

Financed vehicles are eligible for capital cost allowance deduction based on the purchase value. Add the vehicle on the business statement T2125 indicating the date of purchase and purchase price.