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CPA Question - EDIT - Can I retroactively fill out a 1099-Misc for IC work?
Posted on 3/26/15 at 12:22 pm
Posted on 3/26/15 at 12:22 pm
Last year I paid about $1000 for a/c work at my rental property. I'm doing my taxes now, and I'm confused on the section about independent contract work. Do I need to fill out a 1099 misc for this service or not? Google has left me confused.
EDIT - So I see I need to fill out the form. Can I still complete this even though it was a job completed in September of 2014? And is it too late considering taxes are due in April?
EDIT - So I see I need to fill out the form. Can I still complete this even though it was a job completed in September of 2014? And is it too late considering taxes are due in April?
This post was edited on 3/26/15 at 1:51 pm
5
Posted on 3/26/15 at 1:29 pm to StringedInstruments
Repairs are deductible as a business expense. There is no form 1099 involved, just your receipt for the repairs. Are you sure you should be doing your own taxes?
This post was edited on 3/26/15 at 1:37 pm
Posted on 3/26/15 at 1:41 pm to StringedInstruments
My CPA would have made me issue a 1099 to the individual who did the A/C work, assuming he is an independent contractor.
Posted on 3/26/15 at 1:55 pm to StringedInstruments
Technically, you should have issued a 1099-Misc to the business that repaired your a/c. You should have gotten a W-9 from them advising you of their taxpayer identification number. I wouldn't sweat it. As long as you have an invoice from the repair company and proof of payment you are okay for the deduction.
The risk is the IRS could penalize you for not issuing the 1099-Misc, but the chances of that are near zero.
The risk is the IRS could penalize you for not issuing the 1099-Misc, but the chances of that are near zero.
Posted on 3/26/15 at 1:59 pm to StringedInstruments
You have to issue a Form 1099 for work done over $600 if you are in a trade or business. Simply renting out a property is not a trade or business. You don't have to do the form.
Note: there were some rules issued a few years ago that would have required landlords like you to file 1099s, but that was repealed not long after it was passed.
Note: there were some rules issued a few years ago that would have required landlords like you to file 1099s, but that was repealed not long after it was passed.
Posted on 3/26/15 at 8:50 pm to StringedInstruments
See line A and B of the Sch E.
Schedule E
Ths statement is covered by the "under penalties of perjury" language on page 2 of your form 1040.
Schedule E
Ths statement is covered by the "under penalties of perjury" language on page 2 of your form 1040.
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