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Forums » Rehabbing and House Flipping » Do I need to send 1099's?

Do I need to send 1099's?

8 posts by 4 users

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Real Estate Investor · Charlotte, North Carolina


I've paid a lot of contractors for work on my rehab. I am supposed to be sending 1099's?



Real Estate Investor · Grand Blanc, Michigan


Was it an independant contractor that worked for you, or was it a company you hired? If it was a company you hired, you don't 1099 that entity.

However, if the contractor was working for "cash under the table", then yes, you need to 1099 him/her if you paid him/her more than $600.

The IRS site has tons of information about 1099s. Here's a good starting place:
http://www.irs.gov/businesses/small/article/0,,id=99921,00.html




I will pass along the advice my attorney gave us...

If they are any kind of disregarded entity send them a 1099. This means we send 1099's to all independent contractors who use their SS# as their tax id number whether they be sole prop, LLC, LLP, LP or just straight partnerships.

For corporations with separate tax ids, we do not send 1099s.

On LLCs with separate tax ids, a judgment call is made. Unless it is obvious they are not just a pass through entity, we send 1099s.



Real Estate Investor · Charlotte, North Carolina


Thanks, I will review this. I am a bit overwhelmed since it is now the end of Jan and I don't even know how to send a 1099.




The fastest way, is to buy the 1099 package from Staples, OfficeMax, OfficeDepot etc.

If you use QuickBooks it can fill them out for you with just a few clicks of the mouse.




Oh, BTW, they have to be delivered or postmarked by 1/31. Yep, this Saturday.




Oh, and I forgot to add to the list of those getting 1099s from us. Any attorney, regardless of entity, gets a 1099 if they did work for our business.

Work done for us personally by the lawyer types, like wills, etc, do not get 1099s.

AND...

You only send 1099s for services. If you also buy goods from an IC, you do not include the goods costs.



Real Estate Investor · Ellicott City, Maryland


Originally posted by Taz:
Oh, BTW, they have to be delivered or postmarked by 1/31. Yep, this Saturday.

I believe it's actually Monday, Feb 2 this year...



Small_lishproplogoJ Scott, Lish Properties, LLC
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