Sales of shares of closely-held Michigan C-Corp

[jfletch81]

I recently sold my shares in a closely-held / privately-held Michigan C-Corp that I inherited from my father in 2016.  We had an official business valuation done within a few months of his passing (to establish a cost basis).  I recently sold all of my shares for slightly less than the 2016 business valuation.  (So a small capital loss.)  What forms if any should the C-Corp send me?  If they don't send anything (it's a small family farm), how would I enter this in TurboTax?

[DavidS127 · Accepted solution]

If you sold the shares through a broker you should receive a Form 1099-B from the broker.

You can report the sale of your shares without a Form 1099-B using the path Federal>>Income & Expenses>>Stocks, Mutual Funds, Bonds, Other.

When you add the sale, it will ask you if you did or will receive a Form 1099-B.  When you answer "No", TurboTax will walk you through the entry of your sale.