$26.95 
Learn more
Submitted By: Virginia
Answered: June 8, 2015 8:08 am
Answered: June 8, 2015 8:08 am
I own a home that I rent out. I had a contractor do some repairs in 2014. Do I have to issue a Form 1099 to him?
A Form 1099-MISC is required to be issued only by a business that pays $600 or more to an independent contractor. If your rental activity is only an investment and not a business, you don’t have to issue a 1099. (There has been a law change several years ago that would have required investors to issue 1099s, but that law never went into effect and was ultimately repealed.)
advertisement
Featured Books
Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
