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John0071
Level 2

a disposal of a class 10.1 asset should have no recapture or terminal loss. You are supposed to put 0 in column 8 I had to put 1$ to make it work. Is this correct?

 
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Best answer November 04, 2022

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janisbossenberry
Level 7

a disposal of a class 10.1 asset should have no recapture or terminal loss. You are supposed to put 0 in column 8 I had to put 1$ to make it work. Is this correct?

If you put the actual proceeds on the "T2125 asset details" screen, the program will calculate the current year's CCA as allowed (1/2 rate in year of disposition) and will not determine a terminal loss or recapture.  There should be no entries in column 8 of the T2125CCASummary if the asset was originally set up properly as a Class 10.1.  

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2 Comments 2
janisbossenberry
Level 7

a disposal of a class 10.1 asset should have no recapture or terminal loss. You are supposed to put 0 in column 8 I had to put 1$ to make it work. Is this correct?

If you put the actual proceeds on the "T2125 asset details" screen, the program will calculate the current year's CCA as allowed (1/2 rate in year of disposition) and will not determine a terminal loss or recapture.  There should be no entries in column 8 of the T2125CCASummary if the asset was originally set up properly as a Class 10.1.  

John0071
Level 2

a disposal of a class 10.1 asset should have no recapture or terminal loss. You are supposed to put 0 in column 8 I had to put 1$ to make it work. Is this correct?

Thanks

John