Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
phuigenbos
New Member

Should I report a portion of the CCA recapture based on the average business use percentage over the life of the vehicle when there was no business mileage in 2017? T2125

Background: I sold my vehicle in 2017 that I have used both professionally (sole proprietor) and personally in the past and did not purchase a replacement vehicle.  This resulted in a recapture of CCA in the amount of $X,000 in 2017.  I have no business income or expenses to report in 2017 as I elected to discontinue the business in 2017.  Given I have no business mileage, there's no percentage being applied to the CCA recapture and subsequently no income to add or tax liability being calculated. T2125

1 Reply
TurboTaxTatsiana1
New Member

Should I report a portion of the CCA recapture based on the average business use percentage over the life of the vehicle when there was no business mileage in 2017? T2125

The only way  to record it is to assign % of use. You don need to put it in km, you can just assign % as 1/5 if your average use was 20%

Make sure you indicate that this is last year of business so the form does not come up next year .

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.46m
Members

2.57m
Discussions

v