When to enter stock purchase in turbotax?

[FarmerDave]

Just wondering if I should be adding stocks that I bought in 2019 in my current return if I am still holding them or can I enter them once they are sold and the profit/loss has been made.  Hopefully the answer is the latter as I have stocks I have held for a few years and have not yet entered them in a return.  What I would be worried about is that when I sell it looks like 100% capital gain (book value plus gains) as there was not capital loss in the previous years to show its purchase.

Thanks,

Dave

[TurboTaxKim · Accepted solution]

Stocks or mutual funds are only reported on the tax return when you dispose of them. You may or may not receive a T5008 slip for these dispositions and you can enter them that way or in the Capital Gains & Capital Gains Deduction Profile of TurboTax.

Often times you will need that information from the purchase of the stocks to enter in as the Adjusted Cost Base (ACB) in the profile, or in Box 20 of your T5008 slip. 

Here are a few links that provide more information on claiming Capital Gains and Losses.

• TurboTax FAQ: What are capital gains and losses?
• TurboTax Tips: Claiming Capital Gains and Losses