Capital losses and gains Turbotax 2021

Forum|Forum|4 years ago
February 28, 2022
1 reply
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I do have capital losses from previous years (my Loss sheets shows it)

I sold some stock in 2021 and made some money and would like to apply some previous

years losses to offset my gains.

According to Turbotax manual the capital losses should show up on line 25300..it shows zero.

When I click on line 25300 it takes me to Loss Worksheet.

In there I click on losses carry forward T1A ..it takes me to another from Losses Carry Backward...

This is frustrating madness.

How do I fill those fields , I simply lost some money in prior years, made some money this year and would like to apply losses against gains.

I have watched Turbotax videos on line and they are of no help

Thanks for any help !

Antomeister

To carry losses forward, check your CRA My Account to obtain the current balance of your unclaimed losses. If you are not a CRA My Account holder, you can find this amount on your last notice of assessment from the CRA.

Fill out chart 4 of the T1A and enter the results on line 25300 of your income tax return (T1). Keep in mind that you must apply the oldest losses first.

As per the Canada Revenue Agency, if you had an allowable capital loss for the year, it must be applied to taxable capital gain. Afterwards, if there is still more capital loss, it is considered a net capital loss which can be used in 3 preceding years or future years. It's possible your Line 25300 is empty because you may have had an allowable capital loss but not a net capital loss.

For more information please visit our TurboTax article: Carrying Capital Losses Backward or Forward

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