- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice
Topics:
5 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice
Only if you sold tools in previous years you enter the amount, otherwise NO.
- As a tradesperson (including an apprentice mechanic), you may decide to sell any or all of the eligible tools for which you claimed a deduction. If so, you must include, in your income in the year you sold the tool(s), the amount by which the proceeds of disposition of each tool is greater than the adjusted cost of the eligible tool sold. The proceeds of disposition of a tool is the amount of money you sold the tool for.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice
The Turbo Tax employee I dealt with did not know the answer and advised that I call CRA. According to the CRA employee Monica, you do NOT have to enter the previous years’ amounts. This is only if you sold tools.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice
@karenh - you are correct I will revise my answer - on that form just above the entries it is written -
As a tradesperson (including an apprentice mechanic), you may decide to sell any or all of the eligible tools for which you claimed a deduction. If so, you must include, in your income in the year you sold the tool(s), the amount by which the proceeds of disposition of each tool is greater than the adjusted cost of the eligible tool sold. The proceeds of disposition of a tool is the amount of money you sold the tool for.
As a tradesperson (including an apprentice mechanic), you may decide to sell any or all of the eligible tools for which you claimed a deduction. If so, you must include, in your income in the year you sold the tool(s), the amount by which the proceeds of disposition of each tool is greater than the adjusted cost of the eligible tool sold. The proceeds of disposition of a tool is the amount of money you sold the tool for.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice
If turbo tax worded the question differently or put a header on it that it’s only if you sold tools then I wouldn’t have wasted time trying to find the right answer.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice
Thank you for your comment.