topic Capital Gains Carryback in Troubleshooting https://turbotax.community.intuit.ca/community/troubleshooting/discussion/capital-gains-carryback/01/1675080#M11701 <P>I submitted my 2019 tax returns last month and had a substantial capital gains, so I had to pay taxes on it.</P><P>In 2020, I have had a capital loss on some of my investments. Am I able to use the 2020 capital losses by changing my 2019 returns now and resubmitting them or will I have to claim the losses until I do my 2020 tax returns?</P> Mon, 13 Jul 2020 14:59:30 GMT Ken_Jeffrey 2020-07-13T14:59:30Z Capital Gains Carryback https://turbotax.community.intuit.ca/community/troubleshooting/discussion/capital-gains-carryback/01/1675080#M11701 <P>I submitted my 2019 tax returns last month and had a substantial capital gains, so I had to pay taxes on it.</P><P>In 2020, I have had a capital loss on some of my investments. Am I able to use the 2020 capital losses by changing my 2019 returns now and resubmitting them or will I have to claim the losses until I do my 2020 tax returns?</P> Mon, 13 Jul 2020 14:59:30 GMT https://turbotax.community.intuit.ca/community/troubleshooting/discussion/capital-gains-carryback/01/1675080#M11701 Ken_Jeffrey 2020-07-13T14:59:30Z Re: Capital Gains Carryback https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-capital-gains-carryback/01/1686365#M11706 <P>Hello,</P> <P>&nbsp;</P> <P>Since your capital losses were in 2020 and not in 2019, they should be filed in your 2020 tax return.</P> <P>&nbsp;</P> <P>I believe you will have to file Form T1A to request for Loss Carryback when you file your 2020 return.</P> <P>&nbsp;</P> <P>More information can be found on the CRA website:</P> <P><A href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/capital-losses-deductions/loss-carried-back-to-previous-years.html" target="_blank">https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/capital-losses-deductions/loss-carried-back-to-previous-years.html</A></P> <P>&nbsp;</P> <P>The site above also mentions to not file an amended income tax and benefit return for the year to which you want to apply the loss. Therefore, you shouldn't amend 2019 with 2020 losses.</P> <P>&nbsp;</P> <P>Sincerely,&nbsp;</P> Wed, 15 Jul 2020 14:04:27 GMT https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-capital-gains-carryback/01/1686365#M11706 Maikoa 2020-07-15T14:04:27Z Re: Capital Gains Carryback https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-capital-gains-carryback/01/1688403#M11708 <P>Thank you!</P> Wed, 15 Jul 2020 19:14:50 GMT https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-capital-gains-carryback/01/1688403#M11708 Ken_Jeffrey 2020-07-15T19:14:50Z
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<P>I submitted my 2019 tax returns last month and had a substantial capital gains, so I had to pay taxes on it.</P><P>In 2020, I have had a capital loss on some of my investments. Am I able to use the 2020 capital losses by changing my 2019 returns now and resubmitting them or will I have to claim the losses until I do my 2020 tax returns?</P>
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https://turbotax.community.intuit.ca/community/troubleshooting/discussion/capital-gains-carryback/01/1675080#M11701
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<P>I submitted my 2019 tax returns last month and had a substantial capital gains, so I had to pay taxes on it.</P><P>In 2020, I have had a capital loss on some of my investments. Am I able to use the 2020 capital losses by changing my 2019 returns now and resubmitting them or will I have to claim the losses until I do my 2020 tax returns?</P>
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<P>Hello,</P> <P>&nbsp;</P> <P>Since your capital losses were in 2020 and not in 2019, they should be filed in your 2020 tax return.</P> <P>&nbsp;</P> <P>I believe you will have to file Form T1A to request for Loss Carryback when you file your 2020 return.</P> <P>&nbsp;</P> <P>More information can be found on the CRA website:</P> <P><A href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/capital-losses-deductions/loss-carried-back-to-previous-years.html" target="_blank">https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/capital-losses-deductions/loss-carried-back-to-previous-years.html</A></P> <P>&nbsp;</P> <P>The site above also mentions to not file an amended income tax and benefit return for the year to which you want to apply the loss. Therefore, you shouldn't amend 2019 with 2020 losses.</P> <P>&nbsp;</P> <P>Sincerely,&nbsp;</P>
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<pubDate>Wed, 15 Jul 2020 14:04:27 GMT</pubDate>
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<dc:creator>Maikoa</dc:creator>
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https://turbotax.community.intuit.ca/community/troubleshooting/discussion/re-capital-gains-carryback/01/1688403#M11708
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<description><P>Thank you!</P></description>
<pubDate>Wed, 15 Jul 2020 19:14:50 GMT</pubDate>
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