Where do you report losses form trades being sold

Forum|Forum|2 years ago
February 28, 2024
1 reply
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Trades were sold with a complete loss, where do I report those losses from stocks/trades?

TurboTaxSusan

If you have a T5008 slip, you can just enter the slip. If you don’t have a slip, you can enter your losses in the capital gains section.

Ilonka40

I got there but it's confusing since I don't have a slip. Is it true you can off set 3K against your regular income??
I had stocks trades sold with a loss of over 20K last year what do I do can I claim this for the next few years on my taxes, I don't have any gains just regular work income.

TurboTaxSusan

The 3k rule is for the US, not Canada. In Canada capital losses cab only be used against capital gains. But if you don't use them, they carry forward for the rest of your life. If you still have losses when you pass away, then they can be used to offset other types of income.