turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

kordonowy
New Member

I sold stock in Canada that were held in Canada. I did not receive a 1099-B, instead received a T5008 (probably the Canadian version). Where do I enter the transaction?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
DS30
New Member

I sold stock in Canada that were held in Canada. I did not receive a 1099-B, instead received a T5008 (probably the Canadian version). Where do I enter the transaction?

From the perspective of the Internal Revenue Service, if you sell your foreign stock at a gain, you will have to pay tax in the same manner as if you had taken a profit on an American stock.

You would also be able to claim a Foreign Tax Credit

To enter the sale of a capital asset in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "investment sales" in the search bar then select "jump to investment sales". TurboTax will guide you in entering this information.

You can enter it just as if you received a 1099-B but if this is confusing then do the following steps.

  1. The first screen will ask if you sold any investments during the current tax year (This includes any asset held as an investment property so answer “yes” to this question)
  2. Since you did not receive a 1099-B, answer “no” to the 1099-B question
  3. Choose type of investment you sold - select everything else
  4. Some basic information:
    1. Description – Foreign stock name and number of shares
    2. Sales Proceeds – Your net proceeds from the sale
    3. Date Sold – Date you sold the property
  5. Tell us how you acquired the property - Purchased
  6. Enter the your cost basis- Original cost plus expenses
  7. Date acquired  Original date of purchase

To enter a foreign tax credits in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "foreign tax credit" in the search bar then select "jump to foreign tax credit". TurboTax will guide you in entering this information


jjnutt13
New Member

I sold stock in Canada that were held in Canada. I did not receive a 1099-B, instead received a T5008 (probably the Canadian version). Where do I enter the transaction?

How do I enter it in TurboTax

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies