Do I need to complete 1099-MISC if: 1) I pay a leasing company more that $600/yr for my rental property or 2) I paid more than $600 last Jan for garage door repair?

margaret-dannels — Mon, 03 Jun 2019 17:39:28 GMT

I employ a leasing company to rent out my property. I pay the leasing company 10% of my monthly rental income ($129.50/month). Also, in January, I had repairs made to the property that totaled $1566 (<$400 for labor and the rest was materials). Do I need to complete 1099-MISC for either one of these companies?

If you paid someone for $600 or more in services (not pro...

AmyT — Mon, 03 Jun 2019 17:39:30 GMT

If you paid someone for $600 or more in services (not products) in the course of business (this includes rental properties), you are required to provide them with Form 1099-MISC.

In your case, you will need to provide the leasing company with a 1099-MISC (unless they operate as a corporation) and you will not need to provide one for the garage door repair.

If you need to prepare and file 1099s, they are available on the IRS website (https://www.irs.gov/pub/irs-pdf/f1099msc_16.pdf will take you right to the form).

Please note that, in order to file your 1099s with the IRS, you are also required to provide Form 1096 (https://www.irs.gov/pub/irs-pdf/f1096_16.pdf), which summarizes the 1099 information.

Filing instructions, including the IRS mailing address, are included on the face of Form 1096.

topic Do I need to complete 1099-MISC if: 1) I pay a leasing company more that $600/yr for my rental property or 2) I paid more than $600 last Jan for garage door repair? in Investors & landlords

Do I need to complete 1099-MISC if: 1) I pay a leasing company more that $600/yr for my rental property or 2) I paid more than $600 last Jan for garage door repair?

If you paid someone for $600 or more in services (not pro...