How do I determine the opening balance for CCA on a vehicle that I bought after leasing? Buy-out value from the lease or fair market value of the vehicle at the time?
I leased a vehicle for several years and claimed it on my taxes as such. After the lease was over, I purchased the vehicle outright (ie: without financing it). How do I determine the opening balance for CCA purposes? Do I use the buy-out value from the lease or do I use the fair market value of the vehicle at the time (which was about $10K higher than the buy-out value)?
Also, which class do I enter the vehicle as? It was more than $30K at the time that I started the initial lease, but the buyout/value at the end of the lease was less than $30K, so I'm assuming I enter it as a class 10 as opposed to a 10.1?