Reporting the long term gain sale of S Corp shares

[soconnor1]

How do I report a gain on the sale of S Corp shares in the interview section of TurboTax 2024? Is it entered under sale of business property? I cannot enter it under investments without a Form 1099-B.

[Mike9241]

if you sold the stock rather than its assets, you report the sale in the investment section of your 1040

The critical issue is determining the tax basis of your shares 

you do not need a 1099B. use the link to stocks, then the link to add investments. you will skip import. 

Click the stocks bonds (disregard that it says 1099b). then continue. for bank or brokerage enter "NONE"

Continue and answer No to are these employee stock. Answer no to more than 3 sales answer no to other types of investment. Yes to did you buy. select one by one and continue until you get to where you can finally start entering the details of the sale.  forget about the 1099B warnings

sales section  - select long or short-term did not receive 1099B (you may now understand why I told you to ignore the 1099B warnings. so confusing) 

type stock (non-employee)

description  - name of your s-corp

then dates acquired and sold, sales price, your tax basis (cost) 

[soconnor1]

Thank you so much! I would have never figured that out on my own! Many thanks!! :)))

[Mike9241]

You're welcome. In prior years it the directions would have been much shorter.

[Tim M404]

Thank you Mike,  much appreciated.

I was looking online for hours online on how to record the sale, but couldn't find anything specific to Turbo Tax.  Bought the stock years ago before it converted to an S-Corp so I did not know what I was doing.