1099-MISC and 1099-INT

[Roberto Costa]

First year in existence so here comes the tax question...please bear with me...

1.  I have over $600 of expenses from my closing attorney for purchases and sales, so I know I have to issue him/her a 1099-MISC. 

2.  I requested a survey on a property.  The cost was $1,225 so I'm "assuming" I have to 1099-MISC him as well.  Am I correct?

3. I have Origination, appraisal, processing, legal, tax service fee to my HML for $4,901 on a purchase. It's an LLC. The proceeds were taken out from the HUD during closing. Do I need to 1099-MISC them?

4. Lastly, I paid in 2016 to HML $2,058 in interest on my loan. Do I need to send them a 1099-INT?

Thank you all!

[Chinmay J.]

My understanding in this is limited at best. As far as I know you don't have to send 1099s to Corporations as long as they are elected to taxed as such. Attorneys on the other hand are exceptions. You do have to send 1099s to them.  

You can go to IRS website and read for yourself and I think you should also consult a good CPA who understands real estate.  Paging @Brandon Hall.