after becoming a US resident last year, i consolidated my 3 RRSP accounts into 1 by making transfers. but since they were mutual funds, they had to be sold into cash before transfer, both at a loss.
line 9d says capital gains only. i've been using taxact to fill out these forms, but their software wouldn't allow me to enter negative values, and upon contacting them they said that negative values are not allowed....is this correct? if true, can i deduct my losses in another way?
thanks.
can capital losses be reported on 8891?
Moderator: Mark T Serbinski CA CPA
I don't know what line 9(a) is but it has nothing to do with cap gains or losses.
If you have elected to defer income, you only report actual distributions out of your RRSP.
If, once you collapse an RRSP you have a loss on line 7(b), you write zero, and keep the loss for future, until you have used up all your RRSP accounts, and only then can you claim a loss on schedule A.
If you chose NOT to elect to defer, you should still only report gains on your 8891 line 10(d), and save the lsses for future RRSP gains.
If you have elected to defer income, you only report actual distributions out of your RRSP.
If, once you collapse an RRSP you have a loss on line 7(b), you write zero, and keep the loss for future, until you have used up all your RRSP accounts, and only then can you claim a loss on schedule A.
If you chose NOT to elect to defer, you should still only report gains on your 8891 line 10(d), and save the lsses for future RRSP gains.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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hyperbling
- Posts: 24
- Joined: Thu Jan 27, 2011 6:02 pm
oops, my bad. i meant 10d "capital gains".
"keep the loss for future....and only then can you claim a loss on schedule A."
if i lost $1000 in 2011 due to transfers, and when i collapsed earlier this year i incurred another loss of $500, does that mean in 2013 when i file for my 2012 taxes i can deduct $1500 as losses on my schedule A? thanks.
"keep the loss for future....and only then can you claim a loss on schedule A."
if i lost $1000 in 2011 due to transfers, and when i collapsed earlier this year i incurred another loss of $500, does that mean in 2013 when i file for my 2012 taxes i can deduct $1500 as losses on my schedule A? thanks.