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Andy Hughes
  • Investor
  • Elmira, NY
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17
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Do I need to send my contractors a 1099?

Andy Hughes
  • Investor
  • Elmira, NY
Posted
I was just told by a tax professional that I do not need to send my contractors 1099 forms. I have 38 rental units and have flipped 3 houses this year. My 1099’s for contractors totaled over $148,000. I was told since I have a w2 job and am the sole owner of my llc that it is all considered passive income so I don’t need to send them out. This doesn’t make sense to me. Anyone have any knowledge of this? Thanks

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