My rental property operates as a business since this is my sole source of income. I meet all the qualifications as a rental property professional and meet the hourly requirements on an annual basis.
In 2020, my mobile home park was hit by Hurricane Sally and suffered significant tree damages. Thirty-three trees were lost, some of them destroying homes.
I paid several tree companies to have these trees cut up and removed, exceeding the $600 threshold for 1099 requirements. Do I need to send 1099's to these companies? Do I need to write off the cost on taxes as casualty losses? Am I required by law to have them complete a W-9, or can I just call them and get their tax ID number, address, etc.?
