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Tax, SDIRAs & Cost Segregation

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Colleen F.
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#3 Managing Your Property Contributor
  • Investor
  • Narragansett, RI
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1099 Misc if you pay by credit card

Colleen F.
Pro Member
#3 Managing Your Property Contributor
  • Investor
  • Narragansett, RI
Posted Jan 19 2020, 05:20

The instructions for 1099-MISC say this:    Form 1099-K. Payments made with a credit card or payment card and certain other types of payments, including third-party network transactions, must be reported on Form 1099-K by the payment settlement entity under section 6050W and are not subject to reporting on Form 1099-MISC.  https://www.irs.gov/pub/irs-pd...     Does this mean that I am not obligated to issue 1099 Misc to those I paid by Credit card?  Last year I believe this is the position the accountant took but I am getting a different response now from one of his employees. I don't want to push back if I am not recalling/interperting correctly.

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