For the landlords... tax question... - Posted by Mark (SDCA)

Real Estate Investing
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Posted by Ed Copp (OH) on April 11, 2000 at 17:15:48:

Now that the government has got “everybody watching everyboey else”, I wonder just what activity that government employees have got confused with work these days? …ED

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For the landlords… tax question… - Posted by Mark (SDCA)

Posted by Mark (SDCA) on April 11, 2000 at 16:09:56:

I was looking at the 1099-MISC instructions… It looks like any contractor you pay over $600 needs a 1099. Are you sending 1099s to your plumbers, painters, carpet people, maintenance people, property managers etc?? Or am I totally misreading this??

Thanks,

Mark

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Re: For the landlords… tax question… - Posted by Glen NY

Posted by Glen NY on April 11, 2000 at 18:44:23:

1099-MISC only have to be sent to sole-proprietors. Anyone that is incorporated does not get a 1099-misc.

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Re: For the landlords… tax question… - Posted by phil fernandez

Posted by phil fernandez on April 11, 2000 at 16:43:27:

Yes Mark you are reading it right. Any plumber, painter, handyman, lawn care guy, if I pay him more that $600 in the taxable year, you are supposed to send him a 1099. These 1099’s are to be sent to them by January 31st.

If you missed him this year I wouldn’rt sweat it. Chances are the IRS will never notice and I think if they do its a $50 fine. But it is a good idea to follow. I do and sleep better at night.

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Bummer… :((( - Posted by Mark (SDCA)

Posted by Mark (SDCA) on April 11, 2000 at 16:48:00:

My tax headaches just went way up… Now I will have to sort invoices by vendor as well as property… Maybe it is time to finish writing that property management software!!!

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Re: Bummer… :((( - Posted by JPiper

Posted by JPiper on April 11, 2000 at 17:47:29:

I issue 1099’s as well…via my accountant. I provide the info from QuickBooks with no difficulty.

JPiper