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Get your taxes done using TurboTax
If you are involved in a trade or business then 1099-NEC must be filed for each person who performed services that received $600 or more in payments during the year.
The rules for rental real estate under safe harbor for the qualified business income deduction (QBID) will be helpful to determine whether a real estate rental could be considered as a trade or business.
Not Required to File Information Returns
You are not required to file information return(s) if any of the following situations apply:
- You are not engaged in a trade or business.
- You are engaged in a trade or business and
- the payment was made to another business that is incorporated, but was not for medical or legal services or
- the sum of all payments made to the person or unincorporated business is less than $600 in one tax year
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March 7, 2023
6:21 AM