topic 1099-NEC for rental property in Business & farm

1099-NEC for rental property

Countingcat — Wed, 29 Jan 2025 00:06:01 GMT

We own an airbnb and house we are flipping. Do I need to issue a 1099-NEC for people who have done labor for us? We have a cleaning person for the airbnb and another person helping my husband with the repairs on the flip.

Re: 1099-NEC for rental property

ThomasM125 — Wed, 29 Jan 2025 00:18:09 GMT

If you paid them more than $600 during the year, you should issue them a 1099-NEC form. You can give them a W-9 form to complete so you'll have the information necessary to issue the 1099-NEC form.

Re: 1099-NEC for rental property

Countingcat — Thu, 30 Jan 2025 21:49:36 GMT

Thank you.Since I am using TT home and business it links me to the QEF. We are filing a schedule E. Do I just use my name for the business name? I've used this for my s-corp but have never used it as an individual.

Re: 1099-NEC for rental property

PatriciaV — Fri, 31 Jan 2025 00:28:54 GMT

Yes, use the name of the business or individual who paid for the services you are reporting. If the business has no employer identification number (EIN), use your Social Security Number.