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1099-NEC

I own and rent a townhouse.  In 2021 I had a contractor replace a floor for $2,500.  I did not issue a 1099-NEC because I didn't know I had to... What happens now?

 

Thanks 

 

Tom

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3 Replies

1099-NEC

You can issue it late, take the penalties and move forward. If you do not issue it, you would hope that the contractor does not go to the IRS. 

1099-NEC

I doubt the Contractor will go to the IRS... I paid in Cash.   So on my return if I say I paid someone more than $600, but did not issue a 1099-NEC, what happens?

 

Thanks 

Tom

ColeenD3
Expert Alumni

1099-NEC

You could be questioned about it by the IRS. If you are deducting it, he needs to pay tax on it.

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