Own rental property? Did you send out your 1099’s?

by | Feb 25, 2011 | Matt's Anecdotes

Even people with one or two rentals need to 1099 any vendor that you pay more than $600 in any one given year. The deadline to get these out is the end of January. So this post may not help for 2010 tax purposes–but please keep it in mind as 2011 goes by. As you hire vendors this year you need to tell them they could get 1099’d. They often take that as an opportunity to tell you that the job will cost more as well. Also, you need to get their physical address, social security number, and other personal information. I am not a tax expert, so please consult your CPA.

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