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Deductions & credits
You do not need to issue a 1099-NEC.
It became a little fuzzy under the 2018 tax law. Landlords are, generally, still not required to issue 1099 forms to service providers.
References: http://www.forbes.com/sites/irswatch/2013/03/06/should-landlords-be-filing-1099s-for-service-provide...
But, a landlord 1099 may be required to qualify for the Qualified Business Income (QBI) deduction. Reference: https://www.nolo.com/legal-encyclopedia/do-landlords-need-to-file-form-1099-misc.html
Most rental properties do NOT qualify for the QBI deduction. Reference: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/do-i-need-to-issue-a-... 4 page discussion (AmeliesUncle best reply)
‎December 8, 2024
6:40 AM