IRA investments and 1099's - Posted by Bill Stewart

Posted by Dave T on February 03, 2000 at 22:58:50:

Generally, a 1099-MISC is issued for payments you make to another business in the course of YOUR trade or business. If you hired a contractor to work on your business or investment property AND if you paid him over $600, then you need to issue him a 1099-MISC.

If the work was done on your primary residence for personal reasons that had nothing to do with a business in your home, there is no requirement to issue a form 1099-MISC for the payments made to contractors. We hire plumbers, electricians and contractors all the time for home remodeling or repair on our primary residence. There is no requirement to issue information statements to them when the work was done for personal use.

IRA investments and 1099’s - Posted by Bill Stewart

Posted by Bill Stewart on February 01, 2000 at 21:24:29:

A question for those investing in RE with their IRA’s…do you issue 1099’s to those persons you hire to work on the properties? When I asked Mid Ohio, they told me that they didn’t send them out, my accountant tells me he can’t find any reference to being required to…what do you folks do?

thanks in advance