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al g
Level 2

1099-MISC entry

As a landlord, I am filling out a 1099-MISC form for a contractor with whom I spent more than $600 during the year.  Does the amount I paid go in Box 3 Other Income or Box 7 Nonemployee Compensation?

 

Thanks,

Al

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8 Replies
Carl
Level 15

1099-MISC entry

If you hired the individual as a sub-contractor to perform work for you pertaining to the rental property, it goes in box 7. The recipient will report that income as self-employment income on SCH C on their own tax return.  Generally, a rental property owner is not required to issue a 1099-MISC regardless of the amount. But if you qualify for QBI on that rental income (and I seriously doubt you do) then issuing the 1099-MISC helps to substantiate your claim to that QBI deduction.

Note that if you paid an individual, sole proprietorship or LLC then issuing the 1099-MISC may be worth while for QBI. If you paid an incorporated business, then you're wasting your time.

 

al g
Level 2

1099-MISC entry

Great! Thanks.

JEnnenga
Returning Member

1099-MISC entry

It is requesting a property address for this royalty.  I do not own the land but only the royalty on the property and do not consider this a business but an investment.  I don't believe I had to put the address in there last year??

RobertG
Expert Alumni

1099-MISC entry

The address is entered for descriptive purposes only.  You can enter any address you like, including your own.

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JEnnenga
Returning Member

1099-MISC entry

So I shouldn't put the oil company name in??  I guess I need to review last years and see how I entered

RobertG
Expert Alumni

1099-MISC entry

You can use the oil company name and address as well.

 

@JEnnenga

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1099-MISC entry

Can you expand on this?: "Generally, a rental property owner is not required to issue a 1099-MISC regardless of the amount. "

I had my rental property painted. Do I issue a 1099-MISC to the person who painted the home? Everything I read says "yes." Your sentence makes me think not but perhaps I'm taking it out of context.

ThomasM125
Expert Alumni

1099-MISC entry

You do need to issue the form 1099-MISC for an independent contractor who performed repairs on your property, assuming the amount paid was more than $600 for the year.

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