Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
taxmom2449
April 26, 2022
Question

What does Max cost amount in 2021 on T1135 mean

  • April 26, 2022
  • 1 reply
  • 0 views
No text available

    1 reply

    TurboTaxSusan
    TurboTaxSusan
    May 13, 2022

    Cost amount is usually the acquisition cost of the property. If you immigrate to Canada, the cost amount is the fair market value (FMV) of the property at the time of immigration. If you got specified foreign property as a gift, or inheritance, the cost amount is its FMV at the time of the gift or inheritance. 

     

    The maximum cost amount during the year can be based on the maximum month-end cost amount during the year. 

    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification