Capital Gains and Losses

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How do I calculate the Capital Gains Tax on the sale of a…

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How do I calculate...

How do I calculate the Capital Gains Tax on the sale of a long term S corp?

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I am selling my S Corp as a stock sale and would like to know what the Capital Gains Tax is going to be

Submitted: 3 months ago.Category: Capital Gains and Losses
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Answered in 2 hours by:
3/22/2018
Tax Expert: levr, Tax Advisor replied 3 months ago
levr
levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 33,117
Experience: Working for a large tax preparation service
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We need to report the sale transaction on form 8949

as

(selling price) MINUS (adjusted basis)

Your original contribution is your basis.

Then it is adjusted every year based on items reported on K1.

After you determine the gain - that gain will be transferred to schedule D and eventually to form 1040.

Let me know if you held shares more that 5 years?

I will help with reporting if needed.

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