Beginning in 2011, most recipients of rental income will be required to file 1099's to report payments they make to third parties for repairs and similar expenses.
In 2012, corporations must be included in those receiving 1099's.
Thursday, January 20, 2011
Wednesday, January 19, 2011
What you Need to Know About 1099's
January 31st is the deadline for issuing and filing 1099's. Here's what you need to know:
2010 Rules:
File form 1099-MISC to each person to whom you have paid during the year:
2010 Rules:
File form 1099-MISC to each person to whom you have paid during the year:
- At least $10 in royalties
- At least $600 in rents, services, or other income payments to an individual, partnership, or estate
- Corporations do not require a 1099
- Gross proceeds to an attorney
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