 IRS Audit (by Marv [IL]) Jan 17, 2022 9:15 AM
 IRS Audit (by NE [PA]) Jan 17, 2022 9:22 AM
IRS Audit (by myob [GA]) Jan 17, 2022 9:39 AM
IRS Audit (by Dave [MO]) Jan 17, 2022 9:52 AM
IRS Audit (by Busy [WI]) Jan 17, 2022 3:47 PM
IRS Audit (by 6x6 [TN]) Jan 17, 2022 5:28 PM
IRS Audit (by WMH [NC]) Jan 17, 2022 5:41 PM
IRS Audit (by Busy [WI]) Jan 19, 2022 11:20 AM
IRS Audit (by Marv [IL]) Posted on: Jan 17, 2022 9:15 AM
Message:
Please note: Under the thread "Audit 88" the IRS did not ask for 1099's. I stand by my statement that we don't have to file 1099s because rentals are an investment and not a business.
--67.184.xxx.xxx |
IRS Audit (by NE [PA]) Posted on: Jan 17, 2022 9:22 AM
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What’s the problem with sending 1099’s? --24.152.xxx.xx |
IRS Audit (by myob [GA]) Posted on: Jan 17, 2022 9:39 AM
Message:
you have to send to those who are not incorporated. So contract people using DBA if not registered with the sev of state need 1099.
As NE said whats the problem with 1099?
So my carpet people, my heavy duty plumber guy, h-depot lowes-- I don't send 1099. --99.103.xxx.xxx |
IRS Audit (by Dave [MO]) Posted on: Jan 17, 2022 9:52 AM
Message:
I send 1099’s to any handyman, carpenters, painters, lawn service….etc. that work on my rentals.
Those subs fill out a W9 when I hand over the first check.
Some subs have tried to be smart and switch a number around their SS number but it gets caught by the IRS.
--174.202.xxx.xxx |
IRS Audit (by Busy [WI]) Posted on: Jan 17, 2022 3:47 PM
Message:
Landlords whom the IRS classifies as investors do NOT need to send 1099-misc. Landlords whom the IRS deems to be in business DO have to send 1099-misc. in fact, this has been stated as a recent hot spot for the IRS.
So, the question is to figure out how the IRS views the landlord activity. Business OR investor? And, no, the landlord doesn't get to just choose. One of the tests the IRS is using to determine IF a landlord is a business or an investor IS did the landlord file 1099s? IF the landlord is claiming to be in business, they SHOULD timely file the 1099s, when required.
I have done some in the past, some contractors were fine about it, others were squirrely. To simplify MY life, a couple of years ago, I made the decision to ONLY work with contractors where I DO not need to file, they have INC. at the end of their name. The incorporation paperwork operates as their reporting watchdog. This does reduce my options for contractors, and, yes, I pay more. But, I get more reliable contractors. As I am more limited in supervising the trades, for me, thats worth it anyway. If its just handyma'am type stuff, I do that myself. --70.92.xxx.xxx |
IRS Audit (by 6x6 [TN]) Posted on: Jan 17, 2022 5:28 PM
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IRS Audit (by WMH [NC]) Posted on: Jan 17, 2022 5:41 PM
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Marvin you are working off really old information. --50.82.xxx.xxx |
IRS Audit (by Busy [WI]) Posted on: Jan 19, 2022 11:20 AM
Message:
Oops! 1099- NEC, not 1099-Misc! I mentioned the old form. Landlords use 1099-NEC for contractors' work. 1099- Misc is still used, just not to report amounts paid to contractors for work over $600.
NEC is Non-Employee Compensation. ( thx WMH . I read your post to Ted in TN, and realized I mentioned the old form.) --70.92.xxx.xxx |
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