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Submitted By: Harry
Answered: January 7, 2014 8:30 am
Answered: January 7, 2014 8:30 am
If I pay a painting contractor $1,000 to paint my apartment, do I have to issue a Form 1099?
No. The requirement to issue a Form 1099 for the payment of services of $600 or more to an independent contractor applies only to businesses. It does not apply to services for individuals.
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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.
