I own a rental property and is considered a real estate professional. I paid a company to fix some foundation work on my property. I put down a $6K deposit and got a loan for the other $27K.
1. Am I required to send a 1099 NEC to the company who did the work? and
2. How do I classify in QBO in order for me to be able to write off the expense for the foundation work.
I have already set the loan up in the system as a long-term liability under Notes Payable.
Please help the 1099 deadline is today 1/28/25
