Questions about my rental house - new patio and deck posts

[AmeliesUncle]

Yes, but an individual would not need to file one because the credit card company is filing it.

* I corrected my original post to include the word "not". *

[Anonymous_]

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@AmeliesUncle wrote:

Yes, but an individual would not need to file one because the credit card company is filing it.

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You lost me. 

If I own rental real estate and you are a contractor who, for example, accepts Visa and I pay you $1,000 (charged on my card) for work you have done on my property, who files a 1099? I am absolutely certain Visa does not do so because I have been in the same circumstance as I described.

[AmeliesUncle]

If a contractor that accepts Visa receives payments, the contractor's credit card company (the one that allows him to accept the payments) sends him the 1099-K (if the annual amount meets the threshold).  The person paying does not send a 1099-NEC or 1099-MISC because the payment was made under a program subject to a 1099-K (from what I remember, no 1099-MISC is required even if the 1099-K is less than the threshold). 

In prior years the threshold was $20,000 so seeing a 1099-K was not too common for many taxpayers, but with the new lower threshold to $600 it will be much more common.  

[Anonymous_]

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@AmeliesUncle wrote:

..........with the new lower threshold to $600 it will be much more common.  

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Thank you. It was the lowered threshold for 2022 that got me.