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?
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You need to be completing form 6252 Installment Sale Income. When inputting the correct amounts on the appropriate lines TT will handle the rest.
You need to be completing form 6252 Installment Sale Income. When inputting the correct amounts on the appropriate lines TT will handle the rest.
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