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Level 2
January 8, 2023
Solved

split 1099 misc with my business partner

  • January 8, 2023
  • 2 replies
  • 32 views

I own a rental property with my partner and we filed 1099-misc separately (50% each) in the past.

We hired a new cleaning service in Nov and the total payment in 2022 was less than $1,200. The filing amount would be less than $600 when we file separately. Do we still need to file 1099-misc?

Best answer by Anonymous_

Do you file a partnership return (1065) or merely split income and expenses?

 

If the latter, you can each issue a 1099 for half even though it is less than $600 for each of you (assuming you even need to do so since 1099s are for business reporting purposes and it is a good idea for the QBI deduction).

2 replies

Level 15
January 8, 2023

Do you file a partnership return (1065) or merely split income and expenses?

 

If the latter, you can each issue a 1099 for half even though it is less than $600 for each of you (assuming you even need to do so since 1099s are for business reporting purposes and it is a good idea for the QBI deduction).

Miwa2023Author
Level 2
January 8, 2023

I just split income and expenses. I will file 1099 for this. Thank you so much!