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Deductions & credits
Yes. According to the IRS you are required to send a Form 1099-NEC to contractors you paid $600 or more "... when payments are made in the course of your trade or business... .You are engaged in a trade or business if you operate for gain or profit." Buying a house to flip would qualify as operating for gain or profit.
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‎January 29, 2023
2:31 PM