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posted Apr 24, 2023 12:57:38 AM

T5008 Form reporting just a stock buy

From my understanding, we are only required to report stock sales when filing our income tax. 

My bank sent me a T5008 form that reports just a stock buy in 2022. The stock has not been sold. T5008 form reports Box 20 and Box 21 as blank. Turbox tax is saying all information from T5008 should be reported.

So, is this a new rule now that even just a stock buy should be reported when filing our income tax ? There's no stock sale - no disposition yet.

Please advise. In this case, I am unclear which boxes to report for a stock buy only.

Also, Turbox tax requires I enter "type of income". What should I select for "Type of Income" ? It is not a capital gain because the stock has not been sold/disposed. It is not a business income either.

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Moderator
Apr 29, 2023 3:30:06 AM

If there is nothing else on the T5008 other than the stock purchase, then you don't need to enter it on your tax return this year. Keep it in your records for when you sell the stock, as you will need the purchase price at that time.