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: 

Should the proceeds of selling securities be the full amount of the sale? Or just the profit above the cost or book value?

 
1 Reply

Should the proceeds of selling securities be the full amount of the sale? Or just the profit above the cost or book value?

In order to arrive at the correct calculation of any Capital Gains or Losses which result in the disposition of shares, stocks or other securities, you need to enter both the Proceeds of Disposition or Settlement Amount (T5008 - Box 21) and the Adjusted Cost Base (ACB) or Cost/Book Value (T5008 - Box 20).

 

If you do not have all the information provided on a T5008 slip or in your own records, you will need to acquire this information. Failure to enter the ACB or Cost will result in a Capital Gain on the entire proceeds amount.