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.