Investments topics

What if there aren't enough lines to enter all my capital gains on Schedule 3?

TurboTax Support — Fri, 28 Jan 2022 02:00:00 GMT

You may have more capital gains to report than there is space provided on the S3 tax form. If that's the case, you'll need to include any additional capital gain amounts on the S3-Supplementary Statement form, which you can find via the instructions below. Note: This is only available using the Forms method in CD/Download versions of TurboTax. To open the S-3 Supplementary form: If you're in EasyStep mode, go to Forms view by selecting Forms from the menu Select View from the toolbar, then select Find Form. The Form Lookup box opens Under Keyword to search for, enter S3 Select the S3-Supp form, then select OK. The Schedule 3 - Supplemental Statement opens Enter the remainder of your capital gains Related information What are capital gains and losses? How do I split capital gains between spousal returns? Where do I report capital gains and losses? The amount of capital gains is doubled in TurboTax. How do I fix it?

The amount of capital gains from my T5008 is doubled in TurboTax. How do I fix this?

TurboTax Support — Tue, 19 Jul 2022 20:54:50 GMT

If you’ve noticed amounts showing up in duplicate when entering your capital gains into TurboTax, this is likely due to a simple error. The most common cause of this is to have mistakenly entered these amounts at two different points during your return: once in the T5008 entry step and again in the Investment Profile section. Amounts for capital gains only need to be entered during the T5008 step, with the Investment Profile section typically saved for non-slip based capital gains amounts. In the TurboTax CD/Download edition To remove the T5008 info duplicated in the Investment Profile section: Select Find (or the magnifying glass icon) from the TurboTax menu. In the Find window, type Investments and then select Go. On the Your Investments Profile screen, make sure you have selected the Capital Gains or Losses (shares, properties, etc.) box. On the Capital Gains Profile screen, make sure you have selected the Sold stocks, bonds, real estate or other capital property checkbox and then select Continue. Delete the information that is entered in the Capital Gains (or Losses) section of the interview. In the TurboTax Online edition Select Find (or the magnifying glass icon) from the TurboTax menu. In the Find window, type Investments and then select Go. On the Your Investments Prof...

How do I report the sale of cryptocurrency on my taxes?

TurboTax Support — Mon, 31 Jan 2022 15:31:55 GMT

Most people who have bought and sold cryptocurrency (such as Bitcoin, Litecoin, Ripple, Ethereum, or Monero) are trading it as an investment. If you're trading digital currency as an investment, any gains (or losses) are reported on your tax return as a capital gain (or loss), just like stocks or gold. Here's how you enter your capital gains (or losses): TurboTax Online instructions Select Find from the TurboTax menu In the Find window, enter capital gains Select Capital Gains and Capital Gains Deduction Profile from the results, then select Go On the Your Capital Gains Profile screen, check the Sold stocks option and then select Continue On the Capital Gains screen, enter your amounts and select Done If, like many cryptocurrency investors, you sold less than 1 unit of the currency, leave the # of units for shares or face value field blank. It isn't required. TurboTax CD/Download instructions Select Find from the TurboTax menu In the Find window, enter capital gains Select Capital gains / losses from the results, then select Go On the Your capital gains profile screen, check the Sold stocks option and then select Continue On the Capital Gains (or Losses) screen, enter your amounts and select Done If, like many cryptocurrency investors, you sold less than 1 unit of the currency...

Where do I report capital gains or losses in TurboTax Online?

TurboTax Support — Thu, 03 Feb 2022 21:28:17 GMT

https://youtu.be/wqEDbuc4kLI Simply select the scenario below that best suits your need and follow the steps. Remember, if you have more than one T5008 slip, just add the total of all slips and enter that amount in the appropriate field. Note: Losses that you report this year won't appear on your tax return. You can see these losses on your Notice of Assessment (NOA) that you receive each year in the mail after filing your return. You can also view your NOA online via your CRA My Account. Capital gains or losses reported on T5008, T5, T3, T4PS, or T5013 slips Select Find from the menu Enter the name of your T-slip, such as T5008 Select the name of your T-slip from the list of results, then Go Enter the amount on the slip directly onto the TurboTax screen dedicated to that slip Capital gains or losses not reported on a T-slip Before you begin, be sure to determine the type of your capital property, and calculate your proceeds of disposition and adjusted cost base. Select Find from the menu and enter capital gains Select Capital Gains and Capital Gains Deduction Profile from the search results, then Go On the Your Capital Gains Profile screen, follow the instructions to report your gains or losses How to see capital gains reported on your tax return Select Find from the menu and...