Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
English EN

Pick a language

Canada Français United States of America English
cancel
Showing results for 
Search instead for 
Did you mean: 
cathymgwilson
New Member

Where do I record a Capital gains, which is a Schedule 3, property type 1?

 
1 Reply
pinklady3245
Level 6

Where do I record a Capital gains, which is a Schedule 3, property type 1?

The capital gains are claimed by completing schedule 3 for the current tax year, to report eligible capital gains from all sources. Once calculated, 50% of the total is transferred to line 12700 of your tax return as your taxable capital gain amount.

 

To report your Capital Gains/Losses on TurboTax, please follow these steps:

 

If Capital Gain/Loss is reported on T5008, T5, T3, T4PS, or T5013 slips:

 

  1. Select Find (or the magnifying glass icon).
  2. Type the name of your T-slip in the Find window (for example, type T5008).
  3. Select the name of your T-slip from the list of results, then Go.
  4. Enter the amount on the slip directly onto the TurboTax screen dedicated to that slip.

 

Capital Gain/Loss not reported on a T-slip:

 

Note: Before you begin, be sure to determine the type of your capital property, and calculate your proceeds of disposition and adjusted....

  1. Select Find (or the magnifying glass icon).
  2. Type capital gains in the Find window.
  3. Select Capital Gains and Capital Gains Deduction Profile from the search results, then Go.
  4. On the Your Capital Gains Profile for 20xx screen, follow the instructions to report your gains or losses.

 

For more information, please see:

Thank you for choosing TurboTax. If you have further questions, please feel free to contact us

 

v