Hoping I can get some direction from the community on how to report proceeds from the sale of equity interest. For background, I was gifted a small 1% in my former employers S-corp. I resigned from the firm three years ago and received a note at that time for a full payout on the value of my 1%, which I received in March of 2024. I have not received a K-1 for three years now and have not received anything else other than a spreadsheet showing shareholder loan balances for prepaid distributions. I'm not sure where to report the proceeds I received from the sale of equity interest. Since it was gifted, do I have a cost basis? Any help is greatly appreciated.
