Hi BP community-
When you are working with subcontractors on a flip, do you issue them a 1099? If so, I assume you get them to sign it up front?
Any other advice on hiring/paying subs or contractors?
You certainly do. Before they start work, you need to make them complete IRS Form W-9 on which they should disclose their SSN, address and the form of their business.
@Michael Thorne - I will also suggest watching your 1099/1096 deadlines at the beginning of the year. They caught me by surprise this year because of how short the turnaround timing is.
@Michael Plaks thanks for that. I figured as much and it’s nice to get confirmation from a pro.
@Dan Armich thanks I will look up the timing and put it on my calendar.