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Visitor I

Last year bought brand new car on financing, can I Claim the following both :

1.  T2125 form, Area B,column 3,"total cost" claim car purchase price(after tax).

2. Chart A, motor vehicle expensive. claim  2017 whole year's "car mortgage", because the car is financing. pay month to month.

Is OK to claim above both or just claim either TOTAL COST , or car mortgage? thank you for answering.

 

2 Comments
Catalyst V

I don't know what a T2125 or Chart A is, because they don't exist anywhere I can find in the federal program for a U.S. Tax return. Is this for some state? Or a Canadian return?

Basically, you take the "per-mile" deduction, or the actual expenses. You can't take both.

All vehicle data is entered in the Business Vehicle Expenses section, and nowhere else.

If this is for a Canadian tax return, then disregard all the above. Overall, my guess is your question is for a Canadian tax return. If so, seek assistance in the Canadian support forum for TurboTax at https://support.turbotax.intuit.ca/contact/

Note that per the data provided on that page, they are closed Aug 6th. But that doesn't mean other users in that public forum can't offer you some assistance.

 

Visitor I

Sorry, I was supposed to post on Canadian site.  Thx