Author Topic: How to prepare Form 1099?  (Read 1683 times)

1tolivesimply

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How to prepare Form 1099?
« on: March 02, 2013, 12:21:09 PM »
Hello everyone, for the first time I paid someone more than $600 for a few things related to my rentals last year, per the IRS, that means I have to give that person a 1099 form.

As far as I understand, I would have to prepare a 1099-MISC form for this person, is that correct?
Since my rentals are, for now, own by me (no LLC, or other business structure), is it ok to us my SSN as the "payer's federal ID number"? or should I obtain one? If yes, how do I do that?

Thanks in advance!

michelle

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Re: How to prepare Form 1099?
« Reply #1 on: March 02, 2013, 03:41:35 PM »
Landlords are exempt from 1099 reporting. Originally they were going to be required with some provisions in the new obamacare but that part of act got repealed. If you want to issue then yes you can use your Ssn as payer Id number. Remember to do the 1096 as well that is used as the transmittal for 1099

1tolivesimply

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Re: How to prepare Form 1099?
« Reply #2 on: March 03, 2013, 09:19:57 AM »
Thanks Michelle.

WFUDEAC

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Re: How to prepare Form 1099?
« Reply #3 on: March 03, 2013, 07:23:17 PM »
Deadline to give the recipient a 1099-Misc for 2012 was January 31, 2013. Also deadline to file paper version with the IRS was February 28, 2013 (if you file electronically you have until April 1, 2013).

I recommend you read the 1099 instructions on the IRS website and if necessary consult an accountant.