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Investors & landlords
@AmeliesUncle wrote:
Just to add one more bit of information ... you said this is for your rental property. If your rental rises to the level of a "Trade or Business", the answer above applies. If it does NOT rise to the level of a "Trade or Business", then no, you do not need to issue a 1099.
This is true, only businesses need to issue 1099s and not all landlords are classified as businesses.
However, it is also true that the IRS is ok with you issuing a 1099 even if you aren't required or aren't sure, on the "better safe than sorry" principal.
‎July 15, 2021
7:20 AM