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PDtax
PDtax, CPA firm owner
Category: Capital Gains and Losses
Satisfied Customers: 4105
Experience:  Tax professional and business consultant for 34 years
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I sold my portion of a construction company in March, 2015.

Customer Question

I sold my portion of a construction company in March, 2015. The payout was 25% at time of sale, and $ 22,000.00 every month for 10 years. Is the company supposed to send me a W-2 or something for tax purposes?
Submitted: 8 months ago.
Category: Capital Gains and Losses
Expert:  PDtax replied 8 months ago.

Hi from Just Answer. I'm PDtax. I'll assist.

You won't get a W-2 for this, since you sold your ownership interest. You might have gotten one for the three months you worked there, but it's also possible no W-2 is coming.

You should have gotten a 1099-int for the interest portion of the sale received by you in 2015. Not a big deal if they didn't, there is a small penalty they would have to pay if IRS ever came by asking about it. No problem for you.

You should have a calculation of the capital gain, and interest, for your payments, and you will report your taxes via 6252, installment sale, and interest on Schedule B, Form 1040.

I hope that covers things. If so, please accept my response and rate my assistance to close out your question. I'm PDtax.

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