Are my capital cost expenses automatically calculated on my return once entered in Turbotax?

Yes, TurboTax automatically calculate and enter your Cost of Additions and Proceeds of Dispositions. If you used TurboTax in previous years and carry forward your information to the current tax year, TurboTax will also automatically carry forward any relevant information, including business class numbers.

What you'll need to enter into TurboTax:

• The class numbers of all the depreciable property/equipment you acquired in the tax year, and
• The class numbers of all the depreciable property/equipment that had an unclaimed balance last year, and
• The under-appreciated capital cost (UCC) at the start of the year for each class, if applicable

Note: If you're using Forms mode in TurboTax CD/Download, ensure the class numbers in the first column (Class number) of Areas B through F match the class numbers in Area A.

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