wheb you go through entering the rental property information, you should come to a page that says, "if you paid someone such as an independent contractor $600 or more for work done 20 2024, you may need to
complete form1099-NEC. (someone would be a person that operates as a non incorporated business) . if they operate as a partnership, the 1099 would be issued in the partnership name. Form w-9 is used to get the in or SSN if needed.
obviously you can't file a 1099 for them, if needed, without the info you are lacking.It was due 1/31/2025. The penalty that the iRS can impose ranges from
, If a business fails to issue a form by the 1099-NEC or 1099-MISC deadline, the penalty varies from $60 to $330 per form for 2024, depending on how long past the deadline the business issues the form. There are maximum fines per year for small businesses. If a business intentionally disregards the requirement to provide a correct payee statement, it's subject to a minimum penalty of $660 per form for 2024 or 10% of the income reported on the form, with no maximum.
