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I owned 50% of S-corp, sold 20% of my shares (10% of S-corp) to a new shareholder via installments (2 payments in 2017, and 4 in 2018). How do I record this in TurboTax?
Before the transaction, I owned 50% of the S-corp, and one other shareholder owned the other 50%.
I sold 20% of my shares (10% of the S-corp) to directly to a new shareholder (no additional stock was issued), and I received the proceeds personally. It was an installment sale, with 2 payments made in 2017 and 4 payments in 2018.
After the transaction, I owned 40% of the S-corp, and the new (third) shareholder owned 10%.
How do I account for this transaction in TurboTax Premier for my personal returns for 2017 and 2018?
Where do I enter my ownership basis in TurboTax Premier for my personal returns for 2017 and/or 2018?
Anything else about this issue that I should be considering?
