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I Re-Filed my 2017 return because I forgot to add in LPP losses (so they are on record and carry forward). The revised tax return shows a gain of $1 for LPP. Why?
I was starting to work on my 2018 return and noticed that I had no LPP losses on record to carry forward from previous years.
So I re-filed my 2017 return and entered in my losses under capital gains/deductions with the "Listed Personal Property" option, so that they would be on record and carry forward for 7 years (and show in future years in TurboTax to use).
I took a look at MyCRA after the re-filing went through and noticed the updated return shows a $1 dollar profit for Listed Personal Property (original return had $0). To clarify - I had no profits for LPP - just losses - but the system made it a $1 profit.
My question: Does TurboTax add $1 by default if you enter any kind of record (profit or loss) for LPP - since the system only accepts gains? In order for losses to be recorded, a "gain" has to be into the system for it to work?
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After you file
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After you file
- You may have noticed the $1 increase on your CRA - Notice of Reassessment. This is commonly seen and added by CRA when a return is adjusted or "ReFiled" and makes no difference to the bottom line.
- The screenshot you attached showing the loss on the next line of your Schedule 3 (section 8 LPP) - should also not affect your return, it is simply the way the PDF copy of your 2017 ReFile printed out. Thank you for pointing this little glitch out.
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After you file
Thanks for the explanation. Just as a followup - I logged in again now, connected to MYCRA to import documents, then re-checked the LPP losses/deductions section. It's still showing I have 0 losses to carry forward. The Re-assessment that was filed shows Line "159 Net gain only - Listed personal property = $1"
Why does it show a 1$ gain when I entered in losses? That was the entire point of re-filing and my original post above.
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After you file
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After you file
1) Enter your LPP gains arising from the disposition of listed personal property in the capital gains section of Income-->Investments.
2) Enter the amount of LPP losses (Deductions--> Losses Profile --> Listed Personal Property Loss Carry Forward) from other years. TurboTax will calculate how much LPP losses can be used.
My question is regarding this screen: https://prnt.sc/mst41i
If you enter a number in those boxes/years for a loss - it will allow you to subtract that from any gains. However, what I did when I re-filed, was to just enter the loss by itself - thereby now it shows as a $1 gain for a previous year.
SO in order for this to work correctly - you would require a GAIN that is larger than a LOSS - and the resulting "leftover" amount, would be recorded in the CRA system as carryover, correct?