In 2017, I installed solar panels under the microfit program, and I would like to claim the capital expenditure of the panels and installation.
My understanding is that I would capital equipment costs into this into Area B, Code 43.1, with $ value entered into 'Cost of Additions'
This is the only capital I am claiming so the value in the table flows down to be the same as line 9925.
What is the differnence between line 9925, and Line 9933 defined as:
Line 9933 – Capital contributions in 2017
A capital contribution is cash or other assets you added to
the business during its fiscal period. This includes personal
funds you added to the business account, business debts
you paid with personal funds, and personal assets you
transferred to the business
Is the equipment considered an asset in which case the value should be same as 9925, or should it be zero?
You will be entering the panels as class 43.1 in area B equipment additions in the year. make sure you enter class 43.1 in area A as well so it posts there. (when using forms)
In area A, you can only use the capital cost up to the income generated by the business. ie the CCA can not create a business loss.
You will need to override area A, the second last column to only include in CCA enough to bring your income to zero.
Perform an override by hitting the F2 button or "edit" in the top tool bar.
The number will turn red and you can enter the new CCA.
(the other area does not apply)
You will be entering the panels as class 43.1 in area B equipment additions in the year. make sure you enter class 43.1 in area A as well so it posts there. (when using forms)
In area A, you can only use the capital cost up to the income generated by the business. ie the CCA can not create a business loss.
You will need to override area A, the second last column to only include in CCA enough to bring your income to zero.
Perform an override by hitting the F2 button or "edit" in the top tool bar.
The number will turn red and you can enter the new CCA.
(the other area does not apply)
terbolover
Returning Member
gardener28
New Member
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