How do i enter capital gains deduction for qualified small business?

[Kaur]

To report this in TurboTax Online, you will need to first report the Capital Gain in your Total Income, then the Capital Gains Deduction will be deducted before your Taxable Income is calculated.

Do so by going to:

• Income > Investments > Capital Gains & Capital Gains Deduction Profile.
• Check the box - Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report.
• Complete the information on the screen using Qualified Small Business Corporation as the "type of capital property".

Now 50% of your Proceeds of Disposition - ACB - Outlays & Expenses will post to Line 12700, then be deducted on Line 25400. 

Thank you for choosing TurboTax.