s...[at]panix.com (Seth Breidbart) wrote:
- quote -

Thanks very much to all who answered. I put the income on
Sch. D as recommended -- the shares went to an individual,
no to the company, but I was able to fill in all the
information in any case. I feel much better now.

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<kkallmes[at]gmail.com> wrote:

- quote -

The government doesn't issue those. A buyer doesn't have to
either.

- quote -

Your next step is to pay the appropriate tax (the shares are
probably capital gain). Not paying is illegal.

(Or do you mean that the S corp allocated you $6500 that it
should have allocated to him because he owned the shares?
In that case, you don't include it, and try to get the S
corp to correct the documents it sent you.)

Seth

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kkallmes[at]gmail.com writes:

- quote -

To report the sale on your tax return.

- quote -

Yes to both.

The failure to receive a 1099 does *not* relieve you of
your obligation to report the income. It only makes it
harder for the IRS to catch you if you cheat.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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<kkallmes[at]gmail.com> wrote:

- quote -

You report the sale on Schedule D of the 1040.

- quote -

Yes.

--
Phil Marti
Clarksburg, MD

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<kkallmes[at]gmail.com> wrote:

- quote -

sale of S corp shares does not require a 1099 to be issued
you should check with your CPA & attorney to see if there
are any other filings required

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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I sold shares in an S-corp, but the person who bought the
shares never notified the government so I never received a
1099. What should my next step be? Is it illegal and/or
unethical to leave this income ($6500) off of my tax return?

Thanks

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >