Your U.S. dispositions or sells are entered as Capital Gains and can be entered two ways in TurboTax. The amounts must be converted to Canadian Dollars and can be entered on either the Foreign Slip (found under T-slips) or in the Capital Gains & Capital Gains Deduction Profile (found under Investments).
- Entering on the Foreign Income page you can simply enter the exchange rate and TurboTax will do the conversion for you. However, your gain/loss must be calculated prior to entering it in the appropriate box.
- Entering under the Capital Gains profile allows you to be more detailed in your reporting. You can enter your ACB, Proceeds of Disposition and Outlays & Expenses, and TurboTax will do the calculating for you.
Either method of reporting will transfer the information to the Schedule 3 and 50% of any gains will appear in the tax summary on Line 127.