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New Member

How can I get rid of the capital gains deduction on my return?

I have a capital gain, but it doesn't qualify for the capital gains deduction. How do I eliminate that line on my returnÉ
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Level 2

How can I get rid of the capital gains deduction on my return?

When you originally input the information relating to the sale and purchase of your securities, you may have inadvertently reported the sale as being for "Qualified Small Business Corporation Shares" (that may be eligible for the capital gains deduction) instead of reporting the sale of the securities as being for "stocks, bonds, ..." (that are not eligible for the capital gains deduction).  If so, change the reporting field from section 1 of the Schedule 3 in your return to section 3 of the Schedule 3 in your return and that should remove the capital gain deduction being claimed.

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Level 2

How can I get rid of the capital gains deduction on my return?

When you originally input the information relating to the sale and purchase of your securities, you may have inadvertently reported the sale as being for "Qualified Small Business Corporation Shares" (that may be eligible for the capital gains deduction) instead of reporting the sale of the securities as being for "stocks, bonds, ..." (that are not eligible for the capital gains deduction).  If so, change the reporting field from section 1 of the Schedule 3 in your return to section 3 of the Schedule 3 in your return and that should remove the capital gain deduction being claimed.

View solution in original post

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New Member

How can I get rid of the capital gains deduction on my return?

Thank you so much for your help. Problem now solved!
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