Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
Issue W9 for work < $600?
Hello guys,
I will be hiring a handyman for some small work. The total job should be well under $600. Should I still issue a W9? If all goes well I will most likely be giving him more work this year.
Also, what if the contractor lies on his W9 and gives a fake SSN or something? Will I still be able to deduct whatever I paid him?
If total work is less than $600 for the year, this means I can legally deduct these expenses without sending a 1099 right?
My understanding is that you don’t need to 1099 corporations. I got an inspection done for $750. Do I need to call them and ask? If they say they are incorporated, how can I verify this? Also, this inspection was done prior to closing on my first property, so can I still deduct this expense since at the time I wasn't officially in the RE business?
Thanks!