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Visitor I

Reporting income on sale of shares in foreign limited partnership.

I own 33.33% shares in a Limited company (restaurant)  in UK. The company pays taxes on gross sales as per UK law, however none of the shareholders received any dividends in 2016. 

 

1.  I did not report any income on my 2016 taxes since company had losses and there were no dividends,  and I did not receive any K1 schedule or 1099-Div form.  Do I need to amend anything for 2016? 

 

2. I sold my stake in the company in 2017 and made some profit on my investment. How do I report this foreign income on sale of stocks in a limited partnership for my 2017 taxes? 

 

3. I had to travel to UK to sign documents to finalize the sale. Can I deduct my travel expenses from the profit I made from the sale in 2017?