Skip to content
Tax, SDIRAs & Cost Segregation

User Stats

510
Posts
605
Votes
Becca F.
  • Rental Property Investor
  • San Francisco Bay Area
605
Votes |
510
Posts

When are 1099 Forms needed for 2023 and 2024 taxes?

Becca F.
  • Rental Property Investor
  • San Francisco Bay Area
Posted Feb 21 2024, 11:10

Three questions:

#1: I have a small time property manager. Is he required to issue me a 1099 form for rental income for 2023 taxes? If yes, what kind of 1099 Form. My larger PM companies issue me 1099 forms with gross rental income? Is that correct?

#2: If I had work done by a contractor who was Incorporated (e.g  ABC Construction, Inc) of over $600 do I need to do a 1099 for him? Someone told me no since he's incorporated (I guess if it's a C-Corp or S-Corp??) I paid him by check. 

#3: If I had work done by a contractor who is an LLC (e.g. XYZ Contractor LLC), of work over $600 do I need to issue a 1099 for him? If yes, what kind of 1099 Form? I paid by credit card.

I didn't have either contractor do a W9 and I don't currently have their EINs.

I don't have a CPA yet. I do my own taxes. 

User Stats

2,845
Posts
2,290
Votes
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
2,290
Votes |
2,845
Posts
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied Feb 21 2024, 11:59

Your PM should fill out 1099 MISC   and you should do 1099 NEC for any entity, person or company you paid more than $600. You can look up EIN on the state registry for companies but you need the social security number for humans. Here are instructions and forms: https://www.irs.gov/pub/irs-pdf/i1099mec.pdf

User Stats

4,723
Posts
5,324
Votes
Michael Plaks
Pro Member
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
5,324
Votes |
4,723
Posts
Michael Plaks
Pro Member
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied Feb 21 2024, 12:13

@Becca F.

1. Yes, he is technically required to send you a 1099-MISC for rent, but it's not a problem for you if he does not. Just report the rent collected on your behalf.

2. No because he is a corporation, based on "Inc." in the name. However, to be safe, you need him to complete a W9 and check "corporation" box and sign.

3. No because you paid with a credit card.

Read this: https://www.biggerpockets.com/forums/51/topics/1167632-expla...

BiggerPockets logo
BiggerPockets
|
Sponsored
Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes