Trying to figure out capital gains on US stock sold. I sold mutiple shares of same stock but not sure how to calculate and enter it in to Turbo tax.

To calculate your capital gain, you need to know the following 3 amounts:

• Proceeds of disposition (what you sold it for)
• Adjusted Cost Base (what you purchased it for, plus the legal fees at the time)
• Outlays and Expenses (the legal fees that were associated with the sale)

When calculating the capital gain on the sale of capital property that was made in a foreign currency convert the above amounts to Canadian dollars using the Exchange Rates.

 

To enter your transactions using TurboTax Online Free, follow the steps below:

• On the left-hand side of your return, click on the "Income" tab.
• Next, click on the "T-Slips" tab.
• Scroll down and find "T5008 Securities Transactions", click on it and you should be presented with the T5008 - Summary page.
• You want to click on Enter New T5008 and you should then be able to enter the information about your security transactions. Make sure the "Type of Income" box on the screen is set to Capital Gains.

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