- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
T5008 capital losses, but repurchased within 30 days. How do I input lines 20 and 21.
Topics:
November 14, 2019
5:33 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors and rental owners
If you know that the T5008 reported transaction will result in a "superficial loss", then you would enter an amount in Box 20 equal to the amount shown in Box 21 so as not to report a capital loss (that is superficial) in this transaction.
TurboTax will not recognize these as Capital Losses because it has no way of knowing that the sale corresponds to an in-kind contribution to a registered account. CRA states that you do not deduct these "superficial losses" when you calculate your income on your tax return.
From TurboTax Blogs:
January 27, 2020
1:21 PM