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johnparillo
Returning Member

Incorrect Book Value in T5008 - How to report missing amount?

Hi all,

 

If I have an incorrect amount in my T5008 and my broker confirmed to me they cannot amend it (to generate a new T5008)... am I able to attach documents with TurboTax to support the correct amount instead what's indicated in the T5008?

 

Here's my current context:

 

In 2014, I have transferred 598 shares of a security to my current broker (TD Direct Investing). My book cost basis value was $14 000 when I invested with my old broker (SunLife).

 

In 2020, I bought 202 additional shares of this security, for $16 000.

 

My total book cost is $14 000 + $16 000 = $30 000

 

In 2021, I sold all my 800 shares.

 

The T5008 that was generated by TD Direct Investing states for this security a book value of only $16 000 for the 800 shares I have sold. TD Direct Investing somehow never have received the prior book value for the 598 shares I have transferred back in 2014. I'm expecting for my book value to be $30 000.

 

What do I do in this situation? With TurboTax, can I attach documents to provide proof to claim my book value is indeed $30 000 instead of $16 000?

 

Thanks in advanced for your help.

John

 

1 Reply
Antomeister
Level 3

Incorrect Book Value in T5008 - How to report missing amount?

You may edit the line number for Book Value to the correct amount of $30,000. Since you are being honest about the figure you don't necessarily need to attach documents unless asked. Considering that your brokerage doesn't seem to object to the correct figure at all there is no problem changing it on TurboTax Online.

Make sure to hold on to all receipts regarding your entries for the Canada Revenue Agency (CRA).

 

Thank you for choosing TurboTax.

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