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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I sold my shares in a family business. The company paid

Customer Question

I sold my shares in a family business. The company paid taxes on the sale. I recieved no paperwork. Do I need to report this sale?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

If shares were owned by you - yes - you need to report that sale transaction.
It is reported on form 8949 and you will calculate the gain or loss - then results will be transferred to schedule D - and eventually will be on your individual tax return form 1040 line 13.

If the company paid its own taxes - that will not affect your liability.
But if the company paid taxes for you - you will need information - and will be able to use that amount to offset your total tax liability.
Let me know if you need any help with reporting.