Contractors
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by

Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago on . Most recent reply
My Bank requires contractor for work. does contractor need 1099?
Its an insurance job for 10k. Bank wants a licensed contractor to do the work. Does the contractor have to fill out a 1099? He's a friend and he would prefer not to. Any downside to not doing the 1099? Thanks.
Most Popular Reply

James Wise
#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
- 19,673
- Votes |
- 28,609
- Posts
The contractor doesn't want to fill out a 1099 because he wants to do this "under the table" Technically speaking, that is tax evasion, so there's that downside.