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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?
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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.
- 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)
- Since you did not receive a 1099-B, answer “no” to the 1099-B question
- Choose type of investment you sold - select everything else
- Some basic information:
- Description – Foreign stock name and number of shares
- Sales Proceeds – Your net proceeds from the sale
- Date Sold – Date you sold the property
- Tell us how you acquired the property - Purchased
- Enter the your cost basis- Original cost plus expenses
- 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
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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
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