Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 

What is an expense or outlay in T5008?

 
1 Best answer

Accepted Solutions

What is an expense or outlay in T5008?

Outlays and expenses – are amounts that you incurred to sell a capital property. You can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain or loss. You cannot reduce your other income by claiming a deduction for these outlays and expenses. These types of expenses include fixing-up expenses, finders' fees, commissions, brokers' fees, surveyors' fees, legal fees, transfer taxes, and advertising costs.

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains...


View solution in original post

5 Replies

What is an expense or outlay in T5008?

Outlays and expenses – are amounts that you incurred to sell a capital property. You can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain or loss. You cannot reduce your other income by claiming a deduction for these outlays and expenses. These types of expenses include fixing-up expenses, finders' fees, commissions, brokers' fees, surveyors' fees, legal fees, transfer taxes, and advertising costs.

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains...


hhokeefe
Returning Member

What is an expense or outlay in T5008?

I have 5 different T5008 info slips and one Outlays and Expenses amount. Do I divide this one figure into 5 to enter on my tax return or as a singular amount on just one return entry in turbotax.

What is an expense or outlay in T5008?

Further to the expenses reported from my Brokerage Firm with a T5008. Do I simply declare all expenses against the capital gains reported on the T5008?

mfb64
New Member

What is an expense or outlay in T5008?

why are the questions being asked not being answered by Turbotax?

What is an expense or outlay in T5008?

Well, the original question of "What is an expense or outlay in T5008?" was answered back in 2019.

 

If you are asking about how to report your outlays & expenses, if you don't want or can't enter them on your T5008, then you can enter your expenses in the Investment Expenses section. Use the “Find” tool 🔍 to search for “invest”. Select “Investment Expenses” from the list and then click the “Go” button.