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On the 1099-MISC form, how is "rents" defined?
We lease a property and run an aerobics dance studio. I'm creating 1099-MISC forms for our independent contractors (instructors) for payments we made TO them for teaching. That part, I understand.
Separately, what does "Rents" mean and who would receive a 1099-MISC from us for "Rents" . It says "rental payments for office space". We rent our studio and pay a monthly rent to our property manager. Does this mean I create a 1099-MISC form to our property manager?
We also rent our studio out to other people and receive income from that. Do I create a 1099-MISC for them?
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On the 1099-MISC form, how is "rents" defined?
Rent would only be rent you paid out. But you probably dont have to give one to the property mgr.
You dont use it for people who rent from you. They might send you a 1099Misc for the rent they paid.
You dont use it for people who rent from you. They might send you a 1099Misc for the rent they paid.
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