TurboTax FAQ
TurboTax FAQ
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In the online edition of TurboTax, what should I do if I have a capital loss on a T5008 slip?

On your T5008 slip, a capital loss occurs if the amount in box 20 is greater than the amount in box 21, (signaling the cost or book value associated with the securities transaction is greater than the proceeds of disposition or settlement amount).
If you enter any T5008 slip with a capital loss into TurboTax, you are given a warning when you reach the Review stage. If you are sure that you have entered your T5008 amounts correctly, you can ignore the warning. You are also given the option of going back and verify your amounts before continuing with the review.

To deal with the warning related to capital loss:

  1. On the Review: Warnings page (next to the message about the T5008), select Review.
  2. If you are sure about the accuracy of your T5008 data entries, select Ignore. (The warning process is over at this point).
  3. If you would like to review or ammend amounts on your T5008, select Applies to me.You will be returned to the T5008-Summary page.
  4. For each T5008 slip you have entered, TurboTax will display an amount for box 21. You are then given the option of editing any of those amounts by selecting Edit.The T5008 - Securities Transactions page appears.
  5. Once you've verified the amounts and made changes (if necessary), select Done with T5008.You will be taken back to the Review: Warnings page.
  6. If you are sure about the accuracy of your T5008 data entries, select Ignore.

Related information:

How do I enter a T5008 slip?

The capital gains on my T5008 in TurboTax are doubled. Why?


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