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posted Oct 30, 2019 4:58:48 AM

How do I know if I have a property loss on T5008 forms. Is it the difference between to Cost or Book value and the Proceeds of Disposition? If so, how do I report it?

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1 Best answer
Level 5
Oct 30, 2019 4:58:49 AM

To report the information on a T5008, select Income > T-slips > T5008 Securities Transactions in the navigation menu and enter the amounts shown in boxes 20 and 21.  If the Cost amount shown in box 20 is greater than the Proceeds in Box 21, you have a realized capital loss. If Box 21 is the greater amount, you have a capital gain.

You do not need to enter the amounts a second time directly on the Schedule 3.  TurboTax automatically includes the results of your T5008 slips on this schedule.

1 Replies
Level 5
Oct 30, 2019 4:58:49 AM

To report the information on a T5008, select Income > T-slips > T5008 Securities Transactions in the navigation menu and enter the amounts shown in boxes 20 and 21.  If the Cost amount shown in box 20 is greater than the Proceeds in Box 21, you have a realized capital loss. If Box 21 is the greater amount, you have a capital gain.

You do not need to enter the amounts a second time directly on the Schedule 3.  TurboTax automatically includes the results of your T5008 slips on this schedule.