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normsbee1129
New Member

I cofounded a company 10 years ago and still hold some equity. I sold a portion of that equity this year. How do I report this in Turbo Tax?

When I try to report the income as "Sale of Stock", turbo tax asks which financial institution sent me a 1099-B. A financial institution was not involved (There was not public exchange to broker) and I don't have a 1099-B. I sold the stock back to the company.
2 Replies
rjs
Level 15
Level 15

I cofounded a company 10 years ago and still hold some equity. I sold a portion of that equity this year. How do I report this in Turbo Tax?

In the Search box, type "sale of stock" (without the quotes), then click the link that says "Jump to sale of stock."


If you have not entered any other investment sales, you will get a screen that asks "Did you sell any investments in 2019?" Click Yes. The next screen will ask whether you got a 1099-B. Click No.


If you have already entered other investment sales, you will get a screen that says "Here's the investment sales info we have so far." Below the list of sales, click the button that says "Add More Sales." The next screen will ask whether you got a 1099-B. Click No.


When you tell TurboTax that you did not get a 1099-B, it will not ask for the name of the financial institution.

 

Carl
Level 15

I cofounded a company 10 years ago and still hold some equity. I sold a portion of that equity this year. How do I report this in Turbo Tax?

I cofounded a company 10 years ago and still hold some equity. I sold a portion of that equity this year.

What type of company? Multi-member LLC? Partnership? S-Corp? C-Corp? Joint venture? Something else?

Exactly what did you sell? Good will? Assets? Inventory? Intangible rights? Copyrights? Shares? Maybe you sold off some of your capital contributions to the company if you actually made any capital contributions?

 

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