Income property sale

[Wyk1963]

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?

[DavidT0202]

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!