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March 19, 2025
Question

Reporting the long term gain sale of S Corp shares

  • March 19, 2025
  • 1 reply
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How do I report a gain on the sale of S Corp shares in the interview section of TurboTax 2024? Is it entered under sale of business property? I cannot enter it under investments without a Form 1099-B.

    1 reply

    March 19, 2025

    if you sold the stock rather than its assets, you report the sale in the investment section of your 1040

    The critical issue is determining the tax basis of your shares 

     

     

    you do not need a 1099B. use the link to stocks, then the link to add investments. you will skip import. 

    Click the stocks bonds (disregard that it says 1099b). then continue. for bank or brokerage enter "NONE"

    Continue and answer No to are these employee stock. Answer no to more than 3 sales answer no to other types of investment. Yes to did you buy. select one by one and continue until you get to where you can finally start entering the details of the sale.  forget about the 1099B warnings

     

    sales section  - select long or short-term did not receive 1099B (you may now understand why I told you to ignore the 1099B warnings. so confusing) 

    type stock (non-employee)

    description  - name of your s-corp

    then dates acquired and sold, sales price, your tax basis (cost) 

     

     

     

    soconnor1Author
    March 19, 2025

    Thank you so much! I would have never figured that out on my own! Many thanks!! :)))

    March 19, 2025

    You're welcome. In prior years it the directions would have been much shorter.