How do i open 2015 turbo tax files in turbo tax 2016
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Since I only used Vehicle A for 3 months, do I use the half-year rule ? or half of the Half-year rule % ?ģ. Or should I apply the depreciation for 2018, and take the lower amount as a starting point in 2019? How do I establish the initial (Fair Value / UCC) of Vehicle A starting Sept 2019? I know there's a maximum of $30,000 starting value, and since this is the first year I'm utilizing the CCA, can I still use the max start value? On December 1, 2019, I leased Vehicle B, and will use the lease payments system instead of the CCA depreciation from then on.ġ.
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Changed employment and used vehicle A for business use for the first 3 months of that new employment (Sept, Oct, Nov 2019)ģ. Purchased new personal vehicle (A) in 2018.Ģ. Get your taxes done right anytime from anywhere. Up to a 50 head start on your taxes with year-over-year data transfer of your prior TurboTax return. I'm trying to establish my UCC under these parameters :ġ. Import, upload, and snap photos of your W-2, 1099, and 1098 forms, answer simple questions about your life, and e-file securely from your device. Hello looks like my situation is slightly different from the other ppl in this question thread. If you were questioned by CRA as to how you came up with this figure, you would be able to show them you used this method of calculation and considered it to be reasonable. $29,000 x 15% (half year rule) = $4,350 (this is the amount you could have claimed) Or you could compare the selling price of similar vehicles.Įxample for a $29,000 vehicle purchased in 2018:
![how do i open 2015 turbo tax files in turbo tax 2016 how do i open 2015 turbo tax files in turbo tax 2016](https://2.bp.blogspot.com/-IgwFym8ZUng/WDzCuu8ZktI/AAAAAAAAAIE/J_eho3GnSy4HnLoFYd_SlFTEqbVv_bQKACEw/s1600/permit_city_vancouver.jpg)
You could get a fairly accurate calculation by using the actual purchase price - minus - the amount you could have claimed for CCA if you had used it starting on the purchase date. But don't worry, TurboTax will calculate these amounts for you based on your entries!įor a vehicle you owned prior to starting your business or using it for business purposes, you'll have to make a reasonable estimate of the Fair Market Value (FMV) of your vehicle on the date you started using it for Business or Employment use (June 2019). Instead, you need to add your vehicle as a "new addition" The reason for this is in the first year you claim Capital Cost Allowance (CCA or depreciation) on this vehicle, you fall under the "half-year rule" and can only claim 50% of the allowable CCA. You only started using your car for business purposes in June 2019, you will not have a UCC amount.