March 29th, 2019

The full details of any sale of shares, bonds, real estate or other properties in a taxation year, should always be disclosed to your accounting team.

Important details include:

  • A brief description of the property disposed of (including quantity of shares or mutual funds)
  • The gross proceeds of the sale and the date of sale
  • Selling expenses (for example: investment advisor’s commissions, legal fees, etc.)
  • The cost of the investment, including:
    • expenses related to the purchase
    • subsequent improvement costs
    • the date acquired
  • For real estate transactions, copies of the Statement of Adjustment for both the purchase and sale

Details related to the sale of securities should be provided by your investment advisor. Acquiring this information from your investment advisor will help reduce the accounting fees related to preparing your tax return.

Posted in Tax Tips for 2018 Tax Year

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