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Do I issue 1099s for work done on rental property?
I own a duplex and rent out both units. Do I need to issue 1099s to all the independent contractors who performed work on the property this year? What if an independent contractor performs several different tasks that total over $600 but no one task is greater than $600? If I was suppose to issue them for 2007 but didn't, what should I do? What is the penalty? Thanks very much!
5 Answers
- LandlordLv 71 decade agoFavorite Answer
I don't know the penalty.
The 600 limit is for the whole year, not per task.
- Anonymous1 decade ago
No penalty, per se. It would help the contractor because it would be tax free money, like they were paid under the table. Talk to a tax professional, they will give you some free advice.
- Anonymous1 decade ago
as an individual, I don't think you have to issue 1099's - if the contractor gets audited they check his checking acct deposits and compare that to his declared income - not your concern
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