regarding realized gains and losses.....I see that I can enter date,description, transaction total, ACB but where do I put in the G/L amount?????!!

Answer

Your accounting does not necessarily play into the tax treatment of the asset. These are two separate systems.

Upon sale you simply need to fill in the relevant details into the tax forms for each individual asset. You will have to enter the details of disposition into the capital gains schedule as asked for. In addition, if you were claiming CCA, will have to enter in the disposition into the CCA schedule to find whether there is any recapture of CCA or a terminal loss. These two forms will give the tax return the information it needs. The GL amount may or may not match the net of those calculations on the return.

Was this answer helpful? Yes No
Default user avatars original
Employee

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community