Submitted By: Harry
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

Basis

Generally, the amount paid for property. You need to know your basis to figure gain or loss on a sale.

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