I am using my car this year for my job. Do I have to claim a capital loss just for this year? I will not be using my car for 2025 onward. How do I figure this out?

[TurboTaxSusan]

You won't have a capital loss unless you are selling the car. If you took capital cost allowance (CCA) on your car in previous years, then you would say you had a disposition on your car in 2024, for the fair market value (FMV) at the time your business closed. Then you'll end up with either a Terminal Loss or a Recapture that will be subtracted or added to your self-employment income.