Why is only a portion (~48%) of the proceeds from ...

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New Member

Why is only a portion (~48%) of the proceeds from the sale of my corporate partnership shares showing as income?

Additionally, my accountant and tax lawyer advised that the sale would be exempt from Capital Gains. Where would I enter that information?
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Moderator

Why is only a portion (~48%) of the proceeds from the sale of my corporate partnership shares showing as income?

If you are reporting the sale of Qualified Small Business Corporation Shares, you must specify the type of shares in Turbotax in order for it to properly post.

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 127, then be deducted on Line 254. (As shown in screenshots)

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New Member

Why is only a portion (~48%) of the proceeds from the sale of my corporate partnership shares showing as income?

Thank you for the answer, TurboTaxKim! Is there a way to do it that will show the full amount (100% of proceeds - Outlays & Expenses) as income?
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