Where do I enter buisness dedutions for Insurance, Interest and depreciation?

This has to do with Solar power Generation.

Answer

Once you indicated that you're self employees, TurbotTax will generate the necessary forms.

As a rule, you can deduct any reasonable current expense you paid or will have to pay to earn business income.

The amount you can deduct in a given year for any expense depends if it is considered a  current year expense or capital expense. For more information, see Basic information about Capital Cost Allowance, and Current or capital expenses

The expenses you can deduct include any GST/HST you incur on these expenses less the amount of any input tax credit claimed.

Since you cannot deduct personal expenses, deduct only the business part of expenses from business income. In addition, you cannot claim expenses you incur to buy capital property.

For more information, see the list of expenses below.




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