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New Member
posted Oct 30, 2019 1:25:56 AM

I have entered information for two T5008 forms, both report CAPITAL LOSSES. However, neither of the CAPITAL LOSSES are showing in my taxable income - why?

I have confirmed with a phone call to TurboTax that I have entered the form info correctly; they could not answer my question though...

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1 Best answer
Level 6
Oct 30, 2019 1:25:58 AM

You will not see capital loses on your income summary, as they can only be applied against capital gains(not other income). If you have a net loss for the year, they are entered, but they will carry forward to be used against capital gains in the future or you can request to carry them back to offset past gains(up to 3 years).

1 Replies
Level 6
Oct 30, 2019 1:25:58 AM

You will not see capital loses on your income summary, as they can only be applied against capital gains(not other income). If you have a net loss for the year, they are entered, but they will carry forward to be used against capital gains in the future or you can request to carry them back to offset past gains(up to 3 years).