My initial investment was later converted to (at that time unvalued) preferred stock. I presume I should only report the $52K I actually received this year on my 2016 return, and then will report the remaining $10K when I get it. Yes? In each case, how do I report in Turbo Tax Premier
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Yes, this activity would be reported as an Investment Sale.
Since you have not received all the proceeds, and the sale was not reported on Form 1099 or Schedule K-1, you may report the portion you actually received on your current tax return. The balance would be reported when received.
Because the sale closed in 2016, you would write off your entire investment this year. Any proceeds you receive in the future would be Investment Income with no basis.
The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "investment sales", hit Enter, and click on "jump to investment sales" to go directly to beginning of this topic.
Or go to My Account >> Tools >> Topic Search. Type in "investment sales", then click the topic in the list to go directly to the start of this section.
(If you are using the mobile app and don't have My Account or Tools on your screen, try logging into TurboTax from a laptop or desktop browser.)
Yes, this activity would be reported as an Investment Sale.
Since you have not received all the proceeds, and the sale was not reported on Form 1099 or Schedule K-1, you may report the portion you actually received on your current tax return. The balance would be reported when received.
Because the sale closed in 2016, you would write off your entire investment this year. Any proceeds you receive in the future would be Investment Income with no basis.
The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "investment sales", hit Enter, and click on "jump to investment sales" to go directly to beginning of this topic.
Or go to My Account >> Tools >> Topic Search. Type in "investment sales", then click the topic in the list to go directly to the start of this section.
(If you are using the mobile app and don't have My Account or Tools on your screen, try logging into TurboTax from a laptop or desktop browser.)
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