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Returning Member
posted Mar 9, 2023 1:02:35 PM

re-enter vehicle for disposition

Hi Please read thoroughly if you really want to help with the correct answer to my situation.

 

1 I

sold a car

this year

2 It was used for business legitimately as a

regular employee in 2014 and 2015

taxes with supporting T2200's as per CRa.

3 The car was entered as a CCA class 10 (under 30K) and depreciation was calculated and applied correctly for the two years 2014-2015.

The ending balance on the car was $600 less than I sold it for in 2022 due to strong used car market.

Note: It would be legitimate for me to re-enter the ending balance into future years should i require to use it for business use again which I why I did not write down the category at the time as a deemed disposition.

4

From 2016 until now I have not claimed the car as an expense, and have done simple Turbo returns, therefore TT does not auto-fill the cca/ucp.

5 Turbo tax online

will not allow me to access the appropriate selections from the basic version

, which is otherwise appropriate for me (since I had no income and no business in 2022).

6

Worse the forums and videos in support suggest I should upgrade to Self employed version, which requires answering questions to access self employed which do not apply to me, and add a new vehicle, which it is not.

7 In a nut-shell I need to:

-

write down the category to zero (which is not auto-filled and I have no access to), by re-entering the ending balance from 2015

-and, claim the $600 as income,

without adding a NEW asset, or claiming I am self-employed.

 

Thanks for any who suffer through this post and provide the correct answer. Cheers

0 3 1111
3 Replies
Moderator
Mar 10, 2023 12:24:51 PM

If you used the car for employment, not self-employment, then you would enter the CCA in the Employment Expenses section, not in the self-employment section. Employment Expenses only needs the Deluxe version. Even if you don't have a T2200, you must select that option in order to get the motor vehicle boxes. 

Returning Member
Mar 10, 2023 5:28:11 PM

Thank you for telling me how to write down the category. However, it appears turbo did not automatically add the difference (disposed value minus last ending value) as income. Please explain how I enter the recaptured amount as income. 

Intuit Alumni
Mar 16, 2023 8:22:31 AM

In order to help you with this situation, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to help resolve the issue. To contact them, please follow this link: Contact Us

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