Filing 1099s for Tax Returns

[Kyle B.]

Hi all,

My accountant just got back to me about filing my 2013 taxes and he says I need to file 1099s for all the contractors I paid over $600 for over the course of the year.

Is this standard protocol for real estate investors or is my accountant misinterpreting how I'm using the contractors. Not sure, because I already spoke with a rehabber who has never done this before, but I figured I'd reach out to a broader audience to ask the question.

Thanks,

Kyle

[Steve Babiak]

There is another part to add. To submit the 1099-MISC to the IRS, a form 1096 has to accompany the 1099s; the deadline to send to the IRS by mail is last day in Feb - so you missed that deadline too. I believe the 1096 deadline is extended into March if one files the 1096 and 1099s electronically, so see if your accountant can do that for you.

That other rehabber doesn't know what he doesn't know ...