1/ Whether my rental activity is classified as "passive activity" / "active activity" / "active participation" / "materialistic participation" All rentals are passive and you are actively participating.
2/ Do I need to issue Form 1099-NEC to the manager? I read somewhere that if I pay via Zelle, I do not need to file 1099 NEC (since the platform will do it), is that true? This is true for 2022 however if the company is not incorporated then you need to file a 1099-nec for 2021. Have the fill in a W-9 to keep for your records.
3/ What if my manager is operating under a C-corp or S-corp, do I issue 1099 NEC? NO ... they are exempt.
4/ I tried to fill out 1099 NEC form but it only asks for Business name. I rent the house as a private citizen, so how does this apply in 1099 NEC form The business name is YOUR name and you use your SS# for the EIN.
