Can someone clarify? T1135. Turbotax asks 1. Incom...

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New Member

Can someone clarify? T1135. Turbotax asks 1. Income from all specified foreign property? Is income zero? Gain(loss) from disposition? Is gain(loss) from disposition zero?

 
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Moderator

Can someone clarify? T1135. Turbotax asks 1. Income from all specified foreign property? Is income zero? Gain(loss) from disposition? Is gain(loss) from disposition zero?

It is asking you if that income is zero or not. If you have income from the specified property then the answer would be no, if you have no income, then the answer would be yes. The same rule applies to the gains(loss) from the disposition. It all depends on how you have filled out your T1135.

  • Specified Foreign property means the specific property you are claiming on the forms.
  • Gains (loss) from disposition means Your capital gain or loss by subtracting the total of your property's Adjusted Cost Base, and any outlays and expenses incurred to sell your property, from the proceeds of disposition

 

 

 

 

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Returning Member

Can someone clarify? T1135. Turbotax asks 1. Income from all specified foreign property? Is income zero? Gain(loss) from disposition? Is gain(loss) from disposition zero?

So does that mean if I own a foreign stock worth $150,000 and that paid a dividend of $1500, I have to put $1500 for Income from all specified foreign property. is that correct? 

Same is the amount that I need to report for tax calculation as well? 

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