My husband sold corporate ownership shares from a family business. Derived from gifted inheritance. Does he have to pay taxes and if so where do I enter them?

He may have to pay tax if he had a gain on the sale. To determine the amount of gain, you take the sales proceeds and subtract the value of the inherited shares when he took possession of them. I assume the shares were from an inheritance, but if from a gift, then the cost is normally the basis (cost) in the hands of the person who gave him the shares.

Follow these steps to enter your investment sale in TurboTax:

While in the Federal section of TurboTax:

  1. Income and Expenses

  2. Investment Income

  3. Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)

Choose the category of investment you want to enter and follow the instructions to enter your investment sale.