I have CCA depreciation left of $2112 for a car I used for employment. I sold that car. I bought a new car. How do I remove the old car and add the new car to CCA?

[linda-e-freda]

The car I sold I received only $300 for. Yet I have UCC of $2112. Can I claim the $2112?

[TurboTaxSusan]

Are you using TurboTax Desktop or TurboTax Online? What class is the old car & the new car?

[linda-e-freda]

Hi.  I am using TurboTax Desktop.  My old and new cars are both Class 10.

Thanks for any help you can supply.

Cheerio

Linda

[TurboTaxSusan]

As both cars are class 10, the sale price of your old car will be removed from the UCC, and the purchase price of the new car will be added. So you don't lose the $2112, but your CCA claim will be based on the new value that's in class 10 (plus an adjustment for the half year rule on new additions).