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