How do people make turbotax generate the correct schedule 3 when a disposition actually was a superficial loss. The boxes do not give us anything to cancel the loss?
If you buy back any of the same security within 30 days you trigger the superficial loss rule, and your loss cannot be claimed. Instead it gets added to the ACB. Turbo tax does not allow for this indication. Does anyone know how to force it?
If you have a superficial loss in 2022, you cannot deduct it when you calculate your income for the year. However, if you are the person who acquires the substituted property, you can usually add the amount of the superficial loss to the adjusted cost base of the substituted property. This will either decrease your capital gain or increase your capital loss when you sell the substituted property.