T2125 Asset

[caitlin]

Is anyone else having issues using the T2125 Asset & Asset Summary?

I imported a commonly used template (which I have used for other clients) for the T2125; however, this client has two capital assets that are class 50. When I use the T2125 Asset, I enter the details of each on the left side column but the right side refuses to accept any additions when calculating the CCA. The “0.00” are in green and you can’t override.

It looks like someone else experienced something similar a few years ago but there was no reply to that inquiry on the forum.

Thank you in advance for your help!

[alcotaxprep]

Could you please tell me where you got the T2125 Template from? I would like to make it available to my clients. Thanks.

[caitlin]

Hi,

It’s on this forum under “templates” it’s called Shoebox- Business. Tax Cycle also mentions it in their webinar on T2125.

Any thoughts on the capital asset issues?

Thanks!

[darlene]

Hi, you mention entering details on the left hand side of the asset form. Have you scrolled down and tried entering the details in the Current Year Additions section?

[caitlin]

Ya- no matter where I try and enter the additions, it refuses to transfer over into the CCA calculation and it wont show as additions in the CCA schedule.

This is the T2125 Asset

Beg balance = $0.00

Additions = $3150.21

On the right hand side it gives you the CCA Calculation worksheet.

It wont pick up the $3150.21 and I can’t manually enter it. As you see, the additions even as entered on the left are trying to be overridden by Tax Cycle’s calculation of $0.00.

I am obviously missing something, I just don’t know what!

[rsterling]

Use have to go to S8Asset and scroll down to "Current year Addition / Disposition Transaction and enter
Description(type of Asset) and date the asset was purchase and the input the cost of addition below and select the half year rule, if applies, etc., then it will flow up top (the picture your shown).

This is so because of the CCA’s accelerated rule that was changed during the year.

[darlene]

Remove the override in that section and scroll way down on the form to this section to enter the information instead:

[rsterling]

Put in the full date (eg- 2019/05/01) and it should work. Also remember to remove the override above and anywhere else you might have it.

[caitlin]

Thank you, Thank you!

I was getting so hung up on that I didn’t see that there was more when you scroll down further!

Greatly appreciate all your help!