Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 

Need help finding a T658 Capital Gains Deduction form in TurboTaxLive Assist

I need to file a Capital Gains Exemption for shares of a Qualified Small Business Corporation that I sold in 2021.
1 Reply

Need help finding a T658 Capital Gains Deduction form in TurboTaxLive Assist

To enter Capital Gains Deduction for qualified small businesses in TurboTax Online follow the steps given below: -
  • First of all, click on the "Find" (Magnifying Glass) option on the upper side of your screen in your tax file
  • Type "Capital", and click on "GO"
  • Select "Claim Capital Gains Deduction on sale of Qualified Farming property, Fishing property, or Qualified Small Business Shares", and click on "Continue"
  • On the next page fill out all details, and click on "Done"
  • Click on "Done with capital gains", and click again on "Continue"
  • On the page named "Calculating Your Capital Gains Deduction," capital gain deductions must be added.
  • Click on "Continue" to save all details entered.

For more information on Form T657 of Capital Gains Deductions visit this page of the Canada Revenue Agency: - T657 Calculation of Capital Gains Deduction for 2021

 

Thank you for choosing TurboTax.