If you know the basis in the business (which in your case will be $0), the sales price and that it is a long-term capital gain, then you can just report this as the sale of a capital asset.
To enter the sale of
a capital asset in TurboTax, log into your tax return (for TurboTax Online
sign-in, click Here and click on
"Take me to my return") type "investment
sales" in the search bar then select "jump to investment sales". TurboTax will guide you in
entering this information.
- Choose “Stocks, Mutual Funds,
Bonds, Other” and select “start’ (or “update” is you have already worked
on this section)
- The first screen will ask if
you sold any investments during the current tax year (This includes any
sale of personal property held as an investment property so answer “yes”
to this question)
- Since you did not receive a
1099-B, answer “no” to the 1099-B question
- Choose the type of investment
you sold - Everything else
- Enter your information here including the description
