How do I enter an Eligible Capital Gain from the sale of a client list?
The taxable portion of the sale of your Eligible Capital Property will depend on the original purchase price and the amount deducted as annual allowances in prior years. Canada Revenue as a reasonable sample to view and follow on their web site (below)
How do I enter an Eligible Capital Gain from the sale of a client list?
Thanks, but I was looking more for the mechanics of how I actually enter this Capital Gain info into TurboTax without having a T5008. I can't see anywhere to enter a general CG or CL.
How do I enter an Eligible Capital Gain from the sale of a client list?
Under the "Income" tab > "Investments" > "Capital Gains" then check the box for sold stock. Continue through to the capital gains section. Provide the ACB, Proceeds of disposition and costs of the sale (commissions if applicable). Any Net Gain will be reduced by half and reported on Line 127 of the tax return as taxable gain.
How do I enter an Eligible Capital Gain from the sale of a client list?
DETAILED SUMMARY You can find a detailed summary of your tax return under the "Review" tab > "Bottom Line (tax summaries)"> then look for the paper and magnifying icon in the lower left hand corner, select "Detailed Tax Summary". You will have a line by line sample of the Federal Tax Return.
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