How do I enter the sale of an S Corp?

[Fern]

The sale of the S-Corp stock would be reported in the Investment section of Turbo Tax.

• Select Federal Taxes
• Select Wages and Income
• Select Show More at Investment Income
• Select Start or Revisit at Stocks, Mutual Funds , Bonds, Other
• Select No you did not get a 1099-B for this transaction
• Select Stock for type of investment
• Enter your sale information

Make sure you calculate your cost of the stock sold. Your cost will be what you paid for the stock initially, increased by S-Corporation gains that you report, and decreased by S-Corporation losses.  

See http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Stock-and-Debt-Basis for more information on computing your cost basis.

[jkstewart]

The sale of the S-Corp stock would be reported in the Investment section of Turbo Tax.

• Select Federal Taxes
• Select Wages and Income
• Select Show More at Investment Income
• Select Start or Revisit at Stocks, Mutual Funds , Bonds, Other
• Select No you did not get a 1099-B for this transaction
• Select Other for type of investment
• Enter the computed difference between the years distributions (proceeds) and the basis (you will either need to compute the basis yourself or you may be able to get that information from the S-corp management). 

Make sure you calculate your cost of the stock sold. Your cost will be what you paid for the stock initially, increased by S-Corporation gains that you report, and decreased by S-Corporation losses. Please note that this may be significantly different than the original cost of the shares.

See http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Stock-and-Debt-Basis for more information on computing your cost basis.

[jkstewart]

You may want to label this investment sale as the 'distribution in excess of basis'. Be sure to keep your records of the basis calculation in case it is required later.

[taxisnot my friend]

In 2023 this option no longer works.  It does not give you the option of not receiving a 1099-B

[mmpc]

what if i sell my S Corp myself, without a broker, and the buying entity is a sole proprietorship and didn't provide 1099B? I also would like to file taxes for the business sale separately, and pass the proceeds (gain or loss) to the shareholders of my old business, in order for them to include that into their own personal taxes. how can I do this?