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Wyk1963
November 16, 2022
Question

Income property sale

  • November 16, 2022
  • 1 reply
  • 0 views

In addition to gathering all necessary information for completion of Form 4797, any additional advice?

 

secondly, I understand that my lawyer will issue Form 1099 to the real estate brokers on my behalf for the sales commission,  will I need to submit any document to IRS regarding this issue?

      1 reply

      DavidT0202
      DavidT0202
      November 16, 2022

      Hi @Wyk1963 

       

      Gathering all the info for Form 4797 is wonderful.  Make sure to include the sales commission and any other expenses incurred from the sale. 

       

      As far as the 1099, you will not need to include anything for this, however it is a deductible expense.  

       

      Congratulations on selling your business property and thank you for choosing TurboTax!

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