If I gave my sister $1000, does that does send a red flag to the IRS to audit me? Confused about the new $600 1099 ruling. Thank you
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No, that would be a gift and one which does not need to be reported.
The Form 1099 variants are for trade and business reporting only.
What did you give it to her for? For pay ? You do not report gifts given or received on your tax return. If you paid her for your business you need to give her a 1099NEC.
No, that would be a gift and one which does not need to be reported.
The Form 1099 variants are for trade and business reporting only.
Ok, thank you! It was a gift to have a nice vacation.
But, we did pay a contractor $4000 for work in our garage. Do we have to provide a 1099 to him (I don't know how to do that). Shouldn't he take care of that through his business?
No, individuals do not give out 1099 forms. Only if you have a business or self employment. Only businesses give their contractors a 1099.
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