Do I need to issue a 1099 for a rehabbed property I hold?

[Matt Murphy]

I have read many articles related to needing a W9 from your contractor and ultimately issuing a 1099 eventually to account to payments made to the contractor during flips. I have not seen anything about if this is still necessary for rehabbed properties that are not sold, is it the same? This is related to a BRRR which we bought, completed and refinanced within this year and plan to hold for a long time.

Additionally, let's say we sell the house in 10 years, do I need to keep all of the receipts and invoices from the rehab until we sell to track the capital improvements so that we use the improved value of the property (purchase + rehab) instead of just the purchase price?