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jlafferty

Capital Gain / Loss

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I need to enter capital gains and losses.  I can see the Capital Gains and
ABIL option....then I'd choose Stocks, mutal funds and other non
depreciable property.


Here is where I have questions.

The required field is Total Proceeds from the Sale of the shares. The
help file for this field says to " Enter the amount received in payment
for a desposition (sale)...total units x price per unit.

My question is where do I enter the book value?

If the Total Proceeds were $5000 and the book value was $3000, then there
would be a gain of $2000.
If the Total Proceeds were $5000 and the book value was $7500, then there
would be a loss of $2500.

How are the Adjusted Cost base of the shares field or the Expenses
incuuring in making the disposition feilds used?

Thanks

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Expenses related to a disposition (sale) of capital property will be reported on the capital gains schedule if a capital gain or loss has occurred.

 

In the simplest case, the adjusted cost base (ACB) is the actual original cost of the property. Other factors may increase or decrease the ACB.

 

The ACB of a capital property disposition will be reported on the capital gains schedule if a capital gain or loss has occurred.

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