☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 8, 2023 1:23:47 PM

split 1099 misc with my business partner

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?

0 2 646
1 Best answer
Level 15
Jan 8, 2023 1:52:00 PM

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
Jan 8, 2023 1:52:00 PM

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).

New Member
Jan 8, 2023 2:36:50 PM

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