Author Topic: 1099 for Contractor  (Read 333 times)

justchecking

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1099 for Contractor
« on: February 03, 2018, 02:24:28 PM »
I bought a two family rental property.  I am actively managing it.  I am not a real estate professional.  I paid a contractor around $20,000 to get put a new roof on, get a new boiler, and do some interior work.  Do I have to give them a 1099? I am stuck on this for my taxes!  Thanks for all of the help.

Mr. Sharma

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Re: 1099 for Contractor
« Reply #1 on: February 03, 2018, 02:33:38 PM »
Pretty sure you still have to unless contractor is a corporation. 

SeattleCPA

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Re: 1099 for Contractor
« Reply #2 on: February 03, 2018, 04:05:36 PM »
Ask contractor for W-9 and then issue the 1099.

BTW your tax return asks you to specifically confirm you've handled 1099s correctly.

Also, IRS is reportedly denying deductions during audits for taxpayers when you don't issue a 1099 but should. (Story is you then need to go to appeals to make them follow the law.)
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justchecking

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Re: 1099 for Contractor
« Reply #3 on: February 03, 2018, 06:20:12 PM »
Does it matter that I am not an LLC?