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Updated over 7 years ago on . Most recent reply

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Dave H.
  • Real Estate Agent
  • Westchester County, NY
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My Bank requires contractor for work. does contractor need 1099?

Dave H.
  • Real Estate Agent
  • Westchester County, NY
Posted

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. 

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James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
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James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Replied
Originally posted by @Dave H.:

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. 

 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.

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