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Level 1
posted Mar 22, 2023 6:14:47 PM

Unable to Claim the Lifetime Capital Gains Exemption on Software

I sold QSBC shares (I am a tax lawyer, and am certain that the disposition qualifies); however, I cannot seem to claim the deduction using the turbotax software. I entered the capital gain, and then the software sets the maximum LCGE deduction at $0.00. I have never claimed the LCGE or an ABIL, and I have held these shares for over two years. The assets of the corporation also satisfy the small business corporation test. 

 

Any insight or thoughts would be greatly appreciated. 

1 4 1696
4 Replies
Level 1
Mar 23, 2023 8:49:11 AM

It still isn't working - please advise. 

Moderator
Mar 26, 2023 1:22:44 PM

Please contact our phone support team at 1-888-829-8608 as they will be better able to assist you.

 

Returning Member
Apr 21, 2023 2:39:25 PM

Did you have it figured out? Would love to know as I’m on the same boat, online software does NOT deduct the exemptions! Thanks and looking forward for your answer 🙂

Intuit Alumni
Apr 26, 2023 12:33:25 PM

Please see the TurboTax FAQ for guidance: Claiming the Lifetime Capital Gains Exemption (LCGE)


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