Updated over 5 years ago on . Most recent reply
1099 for property management
My parents own a complex I have started to property manage. However, they don't have a llc nor have I been given a 1099 or W-2. I'm under the impression that if I employ a contractor for over 600 dollars a year I would need to issue them a 1099 and as such, I would assume I would need to be under a 1099 for my parents, since they employ me. Any thoughts or suggestions?
I do have a monthly report and records of payments to all vendors, which includes my pay as well as the reimbursement to owners. But, again, none of us fill out 1099's. Thanks for the insurance advice, that will be very helpful!
All the best, Joe