Do you issue 1099 to whosalers and RE agents?

[Account Closed]

Hello everyone, I have a basic tax question. If a investor/person wholesale me a property, do I need to issue him/her a 1099 for tax purpose? I am a person who does everything by the book and I definitely want to ensure I obey tax law. It states if you pay anybody over $600 your suppose to issue a 1099. Has any investors issue any 1099 to thier wholesalers? And also if you sold your home without an listing agent and the buyer has an agent, do you issue a 1099 to the buyers agent for thier commission?

[Percy N.]

William P. Don't pay anything directly to the wholesaler. Any payment should go to your title company to hold in escrow. They may try to get you to use their title company if they are doing a double close.