Instructions Form 1099-misc

[Jeff S.]

Talked to my accountant today and he suggested I send 1099's. He said it is unclear what the repeal is all about. So, I went to the IRS to get forms and the lady at the counter said I am a trade or business and need to send the form. In looking at the publication on page 3: "Rental property expense payment. Generally, if you receive rental income from real estate, you are considered to be in a trade or business of renting property and therefore have the same Form 1099-MISC reporting requirements as other taxpayers in a trade or business. Report on Form 1099-MISC payments of $600 or more for rental property expenses."

It goes on from there to exclude if you are renting your home.

Also, the deadline is tomorrow for the recipient of the form to receive it.

I'd look into this.

[Steven Hamilton II]

This topic has been discuss many times.
Landlords are NOT required to issue 1099s unless they qualify as a Real Estate Professional.
You always have the option to issue them. You will fill out form 1096 along with the 1099s. The 1096 is the transmittal form that is used to consolidate the information along with the 1099s.

Josh Sterling, if you are a landlord only you are NOT required to issue a 1099-MISC to him. A self employed contractor is not an employee and a contract employee is an employee.

-Steven the Tax Guy

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