I hired two friends/workers to remodel a condo (bought as rental property). TurboTax asks me if I paid anyone $600 or more to do work on the property? It was a significant remodel, and we paid a lot more than $600, so the answer is definitely yes.
However, the exact verbatim question is: "Did you pay for any work on this property that would require a 1099-MISC?" Do I answer YES to that question if I spent over $600 but didn't issue any 1099s? (I'm an individual, not a company.)
To make it even more confusing, if I answer YES to the question, it then gives me a choice to say, and I quote, "No, I did not pay for work that required a 1099." So can I say YES to the first question and NO to the second? Those seem like opposites.
You'll need to sign in or create an account to connect with an expert.
The work does not require a Form 1099 as it is for investment property, not for a trade or business.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cschaln9
New Member
user17629581143
Level 1
in [Event] Ask the Experts: Biz Recordkeeping & 1099-NEC Filing
richard
New Member
howverytaxing
Returning Member
MCSmith1974
Level 2