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Where do I report the loss on a short sale of stocks?
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Where do I report the loss on a short sale of stocks?
Good afternoon
Please click on this link it will give you some in site on how to proceed with your loss and how to report it.
https://turbotax.community.intuit.ca/questions/1190196-t5-statement-of-investment-income
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Where do I report the loss on a short sale of stocks?
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Where do I report the loss on a short sale of stocks?
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Where do I report the loss on a short sale of stocks?
However TurboTax does not let me enter a negative number on the Other Income page, for Line 130. Please advise how to enter this. The CRA agent confirmed that reporting the loss will be disallowed under Line 121 or Line 221. Thank you
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Where do I report the loss on a short sale of stocks?
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Where do I report the loss on a short sale of stocks?
Please call us by clicking the following link to the Contact Us page. Then complete the required information. A phone number will appear, along with your incident ID. Call the number. This will ensure that an appropriate agent is assigned to your query:
https://support.turbotax.intuit.ca/contact/
An Agent is standing by
Martine@TurboTax
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Where do I report the loss on a short sale of stocks?
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Where do I report the loss on a short sale of stocks?
Good afternoon
Please click on this link it will give you some in site on how to proceed with your loss and how to report it.
https://turbotax.community.intuit.ca/questions/1190196-t5-statement-of-investment-income
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Where do I report the loss on a short sale of stocks?
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Where do I report the loss on a short sale of stocks?
Once again, getting into troubles with CRA because of stupid TurboTax. And also, to be fair, some lack of imagination from CRA 🙂
As advised, I entered the loss from such a transaction into Federal Worksheet. There you have several lines to report _VARIOUS_ amount of income, including line 6, which is "Income from foreign sources, including foreign dividends, in Canadian dollars". This worksheet (line 12100) totals the income from all sources, including what is reported on T5s. Then the result goes to T1 12100.
I got reassessed by CRA one year after filing the return, now they want some money to cover recent Trudeau trips 😉 The reason: the amount on line 12100 does not match the T5 from the broker. In a way, they are right - because it does not and they do not know why, they do not know anything about this short sale and the fact that this loss goes to the income, not capital account. But it is also wrong because the amount on 12100 is not necessarily just from T5s. TurboTax allows me to use this worksheet to enter such amount, does the calculations correctly, but does not provide the numbers to CRA so they do not know what happened. And I do not know that CRA does not know 🙂 So, instead of telling me that I cannot NETFILE such a return, TurboTax files the return and later I have to pay extra (to stop CRA harassment) and file the request for adjustment and wait for 2+ months to get the refund.