Lines 7 to 9 - Listed personal property
Lines 7 to 9 - Listed personal property
Use this section to report dispositions of listed personal property (LPP), including all or part of any interest in, or any right to, all of the following properties:
-
prints, etchings, drawings, paintings, sculptures, or other similar works of art
-
jewellery
-
rare folios, rare manuscripts, and rare books
-
stamps
-
coins
Because an LPP is a type of personal-use property, the capital gain or loss on the sale of the LPP item (or set of items) is calculated the same way as for personal-use property. For more information, see "Line 6 - Personal-use property"on page 46.
Losses on listed personal property (LPP) can be applied only against LPP gains.
In 2024 you must report the trust's LPP net gains in each of Period 1 and Period 2, based on the date the property was disposed. If the trust is reporting a loss from LPP in one of the periods, it can use the LPP loss to offset its LPP gains reported in the other period. To report the application of LPP net loss in the other period, enter the amount of the loss on line 8.
Claim the unused portion of an LPP loss from a previous year against a current-year LPP gain on line 8 of Schedule 1, or on line 8 of Form T1055, Summary of Deemed Dispositions (2002 and later tax years), if applicable.
If the current year LPP net loss is not completely used against LPP net gains, you may apply it against a prior or a future tax year, subject to the instructions under "Line 36 - Net capital losses of other years"on page 37.
|
|
|