I had purchased gold from the bank but had to sell it and incurred a loss. The bank has issued a T5008 for sale price . Should I include the proceeds as taxable income?
Since the purchase price is more than the selling price it should be a capital loss. If so how is it entered in my tax return?
I had purchased gold from the bank but had to sell it and incurred a loss. The bank has issued a T5008 for sale price . Should I include the proceeds as taxable income?
You just need to fill in the T5008 in the program, and TurboTax will calculate any losses/gains. You don't need to enter the amounts any where else.
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