In recent years, I made a total of 4 ADDITIONS to my CCA under Category 8 (office furniture). Threes items I sold this year, so I have entries for each under Dispositions and PROCEEDS amount. A fourth item was a desk that fell apart so I threw it in the dumpster.
Meaning now I should have no more items under CCA Category 8.
But TurboTax is still showing under UCC Balances:
Class 8 - UCC Start of Year: $257.99 - Base Amount: $142.99 - CAA For Year: $28.60
From what I gather, this means that next year I will still have a Class 8 amount remaining. But since I no longer have any items remaining, is there a way to get rid of this outstanding amount...?
Do I just go ahead and DELETE the Class 8 row?
Show the disposal at the UCC, undepreciated capital cost (257.99) There should be a place to show a terminal loss. You will need to do that for each item. Be aware that there may be a recapture of amortization, which will show as income since the entire class 8 has been disposed.
Also, if you claimed the GST/HST on any of these items, you may need to include a recapture of GST calculated at fair market value.
Show the disposal at the UCC, undepreciated capital cost (257.99) There should be a place to show a terminal loss. You will need to do that for each item. Be aware that there may be a recapture of amortization, which will show as income since the entire class 8 has been disposed.
Also, if you claimed the GST/HST on any of these items, you may need to include a recapture of GST calculated at fair market value.
Did you ever figure this out? I'm in a similar situation.
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