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- Posted It appears to be a problem with the CRA system. The CRA a... on Troubleshooting. October 30, 2019 9:48 PM
- Posted I imported from the previous year. As the loss occurred i... on Troubleshooting. October 30, 2019 9:48 PM
- Posted 2017 LPP Loss not showing up in Turbotax for Carry Forward - why? on Troubleshooting. October 30, 2019 9:48 PM
- Posted I think I figured it out... can you let me know if this i... on After you file. October 30, 2019 7:14 PM
- Posted Another way of asking is..... the LOSSES that I entered i... on After you file. October 30, 2019 7:14 PM
- Posted Hi There, Thanks for the explanation. Just as a followup... on After you file. October 30, 2019 7:14 PM
- Posted The TurboTax output generated also messes up the 2nd line... on After you file. October 30, 2019 7:14 PM
- Posted I Re-Filed my 2017 return because I forgot to add in LPP losses (so they are on record and carry forward). The revised tax return shows a gain of $1 for LPP. Why? on After you file. October 30, 2019 7:14 PM
- Posted Seems the problem is with the ACB. You need to calculate... on Investors and rental owners. October 30, 2019 7:13 PM
- Posted Here is a capital gain/loss entry (removed company name)... on Investors and rental owners. October 30, 2019 7:13 PM
- Posted Why are capital losses being reported as gains? The system shows it as a "taxable capital gain" on the summary page, when it's a clear loss, according to the cost base. on Investors and rental owners. October 30, 2019 7:13 PM
- Posted This is for stocks sold at a loss (2018) against gains fr... on Investors and rental owners. October 30, 2019 7:13 PM
- Posted How do I apply capital losses to previous years capital gains? I see no option for this. All that shows is "Non-Capital Loss Carrybacks" which is not what I require. on Investors and rental owners. October 30, 2019 7:13 PM
- Posted Found the answer ****For Turbo Tax software to figure out... on Investors and rental owners. October 30, 2019 10:14 AM
- Posted There is no consistency in the Capital Gains section for what the Adjusted Cost Base needs to be (whether per share or total ACB). on Investors and rental owners. October 30, 2019 10:14 AM
October 30, 2019
9:48 PM
It appears to be a problem with the CRA system. The CRA area for your account won't show the LPP as a loss - but there is an area to specify the loss to be carried forward in the tax program. I ended up using SimpleTax instead - their help was super fast and it's free or you can choose to donate. Not happy with Turbotax customer service.
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October 30, 2019
9:48 PM
I imported from the previous year. As the loss occurred in 2017, it has a 7 year expiry, so still 6 more years after this one. I guess I'll just manually enter the number even though it says available balance of 0 from notice of assessment before. Would be nice if TurboTax actually helped out and answered their customers.
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October 30, 2019
9:48 PM
My re-filed 2017 T1 shows a LPP Loss: https://prnt.sc/mt305x
Turbotax 2018 does not recognize/import this loss: https://prnt.sc/mt31bl
Why? I want the TurboTax system to recognize that loss from previous years, so it can carry forward 7 years. Should it not populate that field?
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October 30, 2019
7:14 PM
I think I figured it out... can you let me know if this is right: 1) Enter your LPP gains arising from the disposition of listed personal property in the capital gains section of Income-->Investments. 2) Enter the amount of LPP losses (Deductions--> Losses Profile --> Listed Personal Property Loss Carry Forward) from other years. TurboTax will calculate how much LPP losses can be used. My question is regarding this screen: https://prnt.sc/mst41i If you enter a number in those boxes/years for a loss - it will allow you to subtract that from any gains. However, what I did when I re-filed, was to just enter the loss by itself - thereby now it shows as a $1 gain for a previous year. SO in order for this to work correctly - you would require a GAIN that is larger than a LOSS - and the resulting "leftover" amount, would be recorded in the CRA system as carryover, correct?
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October 30, 2019
7:14 PM
Another way of asking is..... the LOSSES that I entered into my REFILE.... show as a $1 dollar GAIN under LPP... on line 159. How do I get the system to accept the LOSS, so that it carries forward properly?
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October 30, 2019
7:14 PM
Hi There, Thanks for the explanation. Just as a followup - I logged in again now, connected to MYCRA to import documents, then re-checked the LPP losses/deductions section. It's still showing I have 0 losses to carry forward. The Re-assessment that was filed shows Line "159 Net gain only - Listed personal property = $1" Why does it show a 1$ gain when I entered in losses? That was the entire point of re-filing and my original post above.
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October 30, 2019
7:14 PM
The TurboTax output generated also messes up the 2nd line as shown here: https://prnt.sc/m2en7b Can that be fixed? The $1,112.29 should be on the 2nd line, not on the 3rd. What caused this?
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October 30, 2019
7:14 PM
I was starting to work on my 2018 return and noticed that I had no LPP losses on record to carry forward from previous years. So I re-filed my 2017 return and entered in my losses under capital gains/deductions with the "Listed Personal Property" option, so that they would be on record and carry forward for 7 years (and show in future years in TurboTax to use). I took a look at MyCRA after the re-filing went through and noticed the updated return shows a $1 dollar profit for Listed Personal Property (original return had $0). To clarify - I had no profits for LPP - just losses - but the system made it a $1 profit. My question: Does TurboTax add $1 by default if you enter any kind of record (profit or loss) for LPP - since the system only accepts gains? In order for losses to be recorded, a "gain" has to be into the system for it to work?
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October 30, 2019
7:13 PM
Seems the problem is with the ACB. You need to calculate the ACB per share existing and multiply that by shares sold and enter that total in the box. That should be clearly stated. I tried total ACB and that didn't work - and I tried ACB per share alone and that didn't work either. Needs to be per share * shares sold. Add a tooltip on hover or something to it please for those who don't know.
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October 30, 2019
7:13 PM
Here is a capital gain/loss entry (removed company name) that clearly shows a loss https://prnt.sc/m22dsl yet it's being reported as a gain of 259.82 https://prnt.sc/m22eiu It should be a loss of around -$123, not a gain.
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