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Updated about 10 years ago on . Most recent reply

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Matt Horton
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Matt Horton
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Matt Horton
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Tax, SDIRAs & Cost Segregation

paying cash

Matt Horton
  • Investor
  • Chesapeake, VA
Posted

what kind of issues am i looking at if i pay contractors cash.

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J Scott
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ModeratorReplied

You will need to provide 1099s to any contractors you pay more than $600 to. If they don't pay taxes and dispute your payments, you won't have any proof that you made the payments. Also, you will have a hard time justifying that you made the payments and will risk not being able to deduct the expenses.

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