pageone
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Superficial Loss - 30 day Rule

Hi there...looking for clarification on the superficial loss (30 day rule). In a non-registered investment account, I sold shares of a few stocks this past year. I have received a T5008 from the financial institution and entered this using the T-Slips entry screen in TurboTax. I did repurchase some of the stocks within 30 days and understand from CRA there is superficial loss -30 day rule. Do I need to make an entry in TurboTax for this? If so what entry screen do I use for this? Using TurboTax Desktop version.

‎February 26, 2024 9:45 AM
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TurboTaxSusan
Moderator
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Investors and rental owners

If you have a superficial loss, you can add the amount of the superficial loss to the adjusted cost base of the substituted property.

 

You enter the amounts from your T5008. Then you add the amount of the superficial loss to Box 20 of the T5008.

 

Ex: If you sold 100 shares and had a loss of $100, but you have a superficial loss of $40, then you can't claim the full loss of $100. So you add the  superficial loss to your ACB in Box 20: ex: $200 +(-$40) = $160. So then you would only be claiming the real loss of $60. 

 

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‎February 26, 2024 10:05 AM
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