A self-employed taxpayer sold a vehicle in 2023 that was used for business in 2022 and 2023 and bought a new vehicle to use for business in 2023. Will I have two class 10s on the 2023 return, one for each vehicle? Or will I have one class 10 with UCC=UCC @ beginning of 2023-disposition proceeds+cost of new vehicle?
If they are both Class 10 vehicles (as opposed to Class 10.1 vehicles), then the CCA class is treated as a pool. Opening UCC, less lesser of proceeds and cost, plus addition.
If they are Class 10.1, then they are each in their own class, not pooled.
You are leaving Intuit.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
