Step 3-Total current year capital gains-H item 17
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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If you do not have any capital gains from collectables, add up all your capital gains from step 2 and show this amount at H Total current year capital gains.
If you have a capital gain from collectables, deduct any losses from collectables (including prior year losses from collectables). Do not deduct any other capital losses from other capital gains at this stage. Any capital gain remaining is added to all personal use asset capital gains and other capital gains from step 2. Show the total amount at H item 17 on your tax return.
If you received (or are entitled to receive) a distribution from a trust that includes a net capital gain, you also need to include this amount here in your total capital gains. Do not include this amount as a distribution from the trust at item 12 Partnerships and trusts on your tax return.
If your capital gains from collectables were reduced to zero when you applied your losses from collectables-and you still have capital losses from collectables remaining-make a note of this amount. This loss can be carried forward to future years and will be recorded at V Net capital losses carried forward to later income years (see step 9).
Last modified: 06 Oct 2009QC 27417