1099 my Landlord?

[FL P&C Broker]

So my accountant wants me to 1099 my landlord (a corporation) for gross rents for 2014...said the gov is getting really strict, etc. If she is right, where do you draw the line? Do I need to 1099 sprint for phone bill? Or how about ABC lead company for my marketing?

I am thinking she is either trying to bill me for more services or she is an ***...

 

[xrac]

So my accountant wants me to 1099 my landlord (a corporation) for gross rents for 2014...said the gov is getting really strict, etc. If she is right, where do you draw the line? Do I need to 1099 sprint for phone bill? Or how about ABC lead company for my marketing?

I am thinking she is either trying to bill me for more services or she is an ***...

I think she is overly cautious. No account has ever suggested that to me for rent.

 

[VolAgent]

In general, you don't 1099 corporations.

 

[LGilmore]

Never heard of doing this before. While they are proving you space, what are they producing for you?

While tax code truly is the story of the 3 blind men and the elephant, I think someone may be overdoing.

 

[FL P&C Broker]

In general, you don't 1099 corporations.

That is how I always understood it. This link says "rent" is on this list, but it also says at the bottom of the page otherwise

Am I Required to File a Form 1099 or Other Information Return?

 

[VolAgent]

That is how I always understood it. This link says "rent" is on this list, but it also says at the bottom of the page otherwise

Am I Required to File a Form 1099 or Other Information Return?

Yes, rent is one of the reasons to file a 1099. But you need to look at the bottom of the page.

You are not required to file information return(s) if any of the following situations apply:

You are not engaged in a trade or business.
You are engaged in a trade or business and
the payment was made to another business that is incorporated, or
the sum of all payments made to the person or unincorporated business is less than $600 in one tax year (unless the recipient is an attorney or law form, see specific instructions for 1099-MISC for further details).

 

[PaperHanger]

Long ago I had a landlord who offered me discount on my rent to do certain yard work and upkeep...After moving in the other Tennant told me she did the same thing when she moved in but the dbag 1099'ed her!
So I made myself available on Saturdays from 9-11am, he was never on time, and I left a couple months later...

Anyways, just to add to the weirdness and blind people etc...I thought that was messed up. .I figured we were bartering, but I guess he thought otherwise.

 

[Continuum]

So my accountant wants me to 1099 my landlord (a corporation) for gross rents for 2014...said the gov is getting really strict, etc. If she is right, where do you draw the line? Do I need to 1099 sprint for phone bill? Or how about ABC lead company for my marketing?

I am thinking she is either trying to bill me for more services or she is an ***...

I'm not an accountant, but I would find another one.

 

[djs]

I assume this is for business (office) rent?
Why would you not send your landlord a 1099? It lets you deduct it from your taxes as an expense. I'm sure you paid them more than $600.

Okay, if your landlord is incorporated, I guess you don't have to. Doesn't hurt to, but don't have to.

This is a change brought about by Obamacare, pretty much anything over $600 has to get filed so they can track it. It was a tax increase on the people who didn't pay taxes on their income, by simply getting them to pay what they were supposed to be paying all along.

Dan

 

[LTS]

Agree with Dan...and I am a tax guy. Not required, but it doesn't hurt to, unless your accountant will charge you extra to do it...