I am a U.S. citizen. I was a founder and part owner of a tech company that eventually incorporated in a foreign country. This past year, we sold the company.
How do I report this on my taxes? I only owned a small percentage, so it was only a few thousand dollars. It was not with a brokerage---we sold our company directly to a larger company.
I held these shares of the company for more than 5 years. I do not have a 1099 B or any other form. The company management did not provide any forms, just a check.
Help! Every bit of advice I see seems to be about investment properties or stock investments.
You would report this as a Sale of Business Property:
In Turbo Tax Online
If in Desktop:
I have always taken the word "property" to mean actual physical real estate. Is that not true here?
For tax purposes "business property" does not refer to real estate at all, but business assets (which can include real estate but more typically consists of things like hardware, materials, supplies, and even "goodwill").
Sale of the business itself is also sale of the assets or the "business property."