I had purchased 36,460 shares of an S-corp business for $25,000 back
in September 2005. Sold all shares December 31, 2016 for $36.46 (yes, a
big loss). There have been no distributions of profits over the years. I
did not “materially participate” in the business.
Looking at my 2015 taxes, I see a Form 8849 and it seems this would
go under “Long-term transactions not reported to you on Form 1099-B” (assuming 2016
uses the same form)? Proceeds (d) would the $36.46 and cost basis (e) the
$25k? This right?
Being I sold the business in 2016, do I still
get and report the 2016 K-1 for the business in the 1040 schedule E? Or
because I
sold during the year, I no longer report that? Business made a loss,
but has never gotten this form filled in on time, so having to file would most likely require me to
file an extension.
