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posted Oct 30, 2019 10:37:14 PM

Started self-employment in 2018 but have assets (tablet/computer) purchased in 2015 which I currently use 100% for my business. How do I claim assets properly?

I am trying to file tax using the self-employed version for the first time.

I started freelancing in 2018 but the tools that I use were purchased in 2015. How do I go about claiming these as assets for my business? 

Do I do "Enter UCC balances from Prior Year" OR "Enter additions in current year"? 

What do I put for their values and the acquisition date..? Would this be the value I purchased it at? or its current market value (not sure how to calculate this)? For the acquisition date would it be the purchase date (2015) or the start date of my business (2018)?

Would really appreciate if anyone has experience with this. Thank you!

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1 Best answer
Moderator
Oct 30, 2019 10:37:15 PM

Since you just started using them for your business, you would put these items as additions in current year. The acquisition date can be the date you started using them for your company, so it would be in 2018. The tricky part is getting the “purchase” value since it would be the “fair market value” of the items when you started using them for your business.

1 Replies
Moderator
Oct 30, 2019 10:37:15 PM

Since you just started using them for your business, you would put these items as additions in current year. The acquisition date can be the date you started using them for your company, so it would be in 2018. The tricky part is getting the “purchase” value since it would be the “fair market value” of the items when you started using them for your business.