@bethkane3113 The place that runs the business- the condo hotel, is a business. If all you do is rent our your space and have nothing else to do with it, you would have a rental. Each situation is unique. If you would like to reply with more information, we may be of more help.
The NEC is for services while the MISC is for rents. Here is the complete breakdown:
The 1099-NEC is for each person to whom the taxpayer has paid at least $600 during the course of a business for the following.
•Services performed by someone who is not an employee, including parts and materials (box 1),
•Cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish (box 1), or
•Payments to an attorney for legal services (box 1).
The Form 1099-MISC is for each person to whom the taxpayer has paid the following during the course of a trade or business.
•At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest,
•At least $600 in rents (box 1), prizes and awards (box 3), other income payments (box 3), the cash paid from a notional principal contract to an individual, partnership, or estate (box 3), any fishing boat proceeds (box 5), medical and health care payments (box 6), crop insurance proceeds (box 9), payments to an attorney (box 10), IRC section 409A deferrals (box 12), or nonqualified deferred compensation (box 14).
•Any payment from which federal income tax has been withheld (box 4) under the backup withholding rules
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