1

For a sale of shares of a listed corporation, the stockbroker reports the transaction to the IRS and the seller by 1099B reporting. When a shareholder sells his shares in a private corporation (through sharespost or equityzen, neither of which provides 1099B) to another shareholder or an outside person, what the corporation should report to the IRS, the buyer, and the seller?

2
  • Is the question how the corporation should report this; how "sharespost or equityzen" should report this, or how the individual seller should report this?
    – user662852
    Commented Mar 6, 2020 at 21:19
  • how the individual seller should report this? since neither operation nor sharespost or equityzen reports anything to IRS. does seller even need to report to IRS? Commented Mar 7, 2020 at 23:45

1 Answer 1

2

If you are the seller and there isn't a 1099-B, you report the details on Form 8949 and choose checkmark C (short term) or F (long term)

2
  • Can I not report this? I also saw proconnect.intuit.com/community/proseries-discussions/…, and it seems lots of people report based on this honor system and thus not to report at all. Commented Mar 7, 2020 at 23:47
  • 1
    @dudefromsf I'm not sure how you get to the "honor system" in a scenario of deliberately and mindfully underreporting your income, but I'm just a stranger on the internet.
    – user662852
    Commented Mar 8, 2020 at 1:35

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .