QEF Net Gains - Do I need Schedule D ?

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
mrsjack
Posts: 11
Joined: Sat Feb 18, 2017 11:22 am
Location: UK

QEF Net Gains - Do I need Schedule D ?

Post by mrsjack »

This year my QEF fund produced a small net capital gain. Do I add this into "other income" on line 21 of my 1040, or do I need to attach a Schedule D? Or do I put it on Line 13 of the 1040?

Thanks.

Michele
Michele
whiterhino
Posts: 17
Joined: Sun Feb 18, 2018 3:53 pm

Post by whiterhino »

It’s reported on 8621 and Schedule D (long term), which gets transferred to 1040 by software.
MGeorge
Posts: 313
Joined: Fri Jun 22, 2012 9:23 am
Location: Canada

Post by MGeorge »

I use TaxACT and found that it didn't automatically add the capital gain part to schedule D. I had to add my own entry on schedule D (long term) called "gain from form 8621"
------------------------------
MGeorge is neither an accounting nor taxation professional.
whiterhino
Posts: 17
Joined: Sun Feb 18, 2018 3:53 pm

Post by whiterhino »

That is what I do, too. I meant in my post that you need to enter it on Schedule D, which then gets automatically transferred to 1040nwith software.
Post Reply