Hi,
I am a landlord who owns a rental property. I need to create 1099-NEC for contractors I hired. One of the contractors I hired is a C-corporation and the expense is above $600. I thought filing 1099-NEC to a corporation is exempted (it was a tree removal work) based on https://www.irs.gov/instructions/i1099msc. But a tax professional told me as an unincorporated individual I need to file 1099-NEC no matter the other party is an individual or a corporation for an amount $600 or over. So I got confused now. I guess even though it is not required, I can file a 1099-NEC anyway.
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@leosun1987 wrote:
.....I guess even though it is not required, I can file a 1099-NEC anyway.
You can file the form, but it is not required in this instance.
See https://www.irs.gov/instructions/i1099msc#idm140364727413952
@leosun1987 wrote:
.....I guess even though it is not required, I can file a 1099-NEC anyway.
You can file the form, but it is not required in this instance.
See https://www.irs.gov/instructions/i1099msc#idm140364727413952
That is what I thought. Are there any filing requirements on the payer instead of the receiver?
The payer has the filing requirement (if the threshold is met) with respect to the tax reporting statement (e.g., Form 1099-NEC).
The recipient is required to report the figure(s) on the statement on an income tax return if the filing threshold is met.
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