How do you enter US investments in Capital Gains?

[ayeghbal]

Confused about what is adjusted cost basis

[AHMiah1]

To report income from the sale of foreign investments on your tax return, you must convert all amounts into Canadian dollars. To do so, use the exchange rate on the day you bought or sold the shares. according to the government of Canada, an Adjusted Cost Base is the cost of the property plus any expenses to acquire it, such as commissions and legal fees. The cost of capital property is its actual or deemed cost, depending on the type of property and how you acquired it. It also includes capital expenditures, such as the cost of additions and improvements to the property. You cannot add current expenses, such as maintenance and repair costs, to the cost base of a property. Here is a great article on taxes from selling foreign investments. 

Thank you for choosing TurboTax. 

[AHMiah1]

To report income from the sale of foreign investments on your tax return, you must convert all amounts into Canadian dollars. To do so, use the exchange rate on the day you bought or sold the shares. according to the government of Canada, an Adjusted Cost Base is the cost of the property plus any expenses to acquire it, such as commissions and legal fees. The cost of capital property is its actual or deemed cost, depending on the type of property and how you acquired it. It also includes capital expenditures, such as the cost of additions and improvements to the property. You cannot add current expenses, such as maintenance and repair costs, to the cost base of a property. Here is a great article on taxes from selling foreign investments. 

[AHMiah1]

Thank you for choosing TurboTax.