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All Forum Posts by: Peter Lee

Peter Lee has started 2 posts and replied 3 times.

I have one rental property. Do I need issue 1099 to my handyman, HVAC, plumber, cleaning service?

I did search on the web. Some says no need for paid by paypal, venmo, credit card; some says "private owner" doesn't need (but never define what qualifies "private owner"), some says needed for all situations.  What do you do on 1099? 

Thank you, Nathan. 

I was confused as I make profit while it shows loss to IRS after depreciation. I understand the depreciation will be recaptured later on. I was not sure how this loss will be looked at by IRS.

Glad to know I am not the only one with this problem in this rental world. 

One more question to ask: can you show loss for several consecutive years in a row, say 5 or 7 years? Is it normal for rental property?

Hello,

I am confused about the profitability from tax perspective and from business perspective.

I have  a condo for rent. Annually the expenses is about half of the total rent, so I am profitable from the business side. While the depreciation is more than half of the total rent, when filing tax, the total ends up as a loss. IRS typically require a business to be profitable, reporting net income, 3 out of 5 years. Would rental follow the same rule?

New to rental. Curious how you guys handle this situation? Do you guys always report profits within a few years?

Thanks,

Peter