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).
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).
ahmedsf2020
New Member
david-coates
New Member
rasadoll
Level 1
bryce-nutritower
New Member
samm-rakoczy
New Member
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.