Yes, you would enter this as an investment sale with our without a 1099-B form. It would be treated the same as any sale of stock shares. The key for you will be to determine your cost basis which would begin at the start of your S Corp as an ongoing changing amount based on profits and losses and capital either contributed or taken out.
Once you have your information you will complete the entry in TurboTax using the following steps.
- Open (continue) your return if it isn't already open.
- In TurboTax, search (upper right) > Type 1099B (even if you don't have one) Press enter > then select the Jump to link
- Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2023?
- If you see Here's the info we have for these investment sales, select Add More Sales.
- Answer NO to Did you get a 1099-B or brokerage statement for these sales?
- Follow the instructions.
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