- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
The sale of the S-Corp stock would be reported in the Investment section of Turbo Tax.
• Select Federal Taxes
• Select Wages and Income
• Select Show More at Investment Income
• Select Start or Revisit at Stocks, Mutual Funds , Bonds, Other
• Select No you did not get a 1099-B for this transaction
• Select Stock for type of investment
• Enter your sale information
Make sure you calculate your cost of the stock sold. Your cost will be what you paid for the stock initially, increased by S-Corporation gains that you report, and decreased by S-Corporation losses.
See http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Stock-and-Debt-Basis for more information on computing your cost basis.
• Select Federal Taxes
• Select Wages and Income
• Select Show More at Investment Income
• Select Start or Revisit at Stocks, Mutual Funds , Bonds, Other
• Select No you did not get a 1099-B for this transaction
• Select Stock for type of investment
• Enter your sale information
Make sure you calculate your cost of the stock sold. Your cost will be what you paid for the stock initially, increased by S-Corporation gains that you report, and decreased by S-Corporation losses.
See http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Stock-and-Debt-Basis for more information on computing your cost basis.
June 3, 2019
1:02 PM
7,812 Views