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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 1:48 pm to Layabout
quote:
Repairs are deductible as a business expense. There is no form 1099 involved, just your receipt for the repairs.
Not according to many sources including Turbo Tax Premier.
For any repair or service over $600 provided by an independent contractor, I have to fill out a Form 1099-Misc for that work. This unfortunately was done about a month after I became a landlord, which was something I was not expecting to be. I didn't know to give the guy the form at the time of service. I'm looking into it now to see if I can do this retroactively.
quote:
Are you sure you should be doing your own taxes?
Outside of that one question I have, so far, Turbo Tax has been great.
This post was edited on 3/26/15 at 1:50 pm
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 2:14 pm to LSUFanHouston
Follow up question: If the rental property is owned by an LLC, would this constitute a trade or business?
Posted on 3/26/15 at 2:49 pm to tigerrocket
It's not a clear answer. I take the position that if you are a passive landlord, then you are not in a trade or business. Putting the property into an LLC is simply a legal liability concern.
If you have multiple properties that you manage for profit, then you may rise to the level of a trade or business.
If you have multiple properties that you manage for profit, then you may rise to the level of a trade or business.
Posted on 3/26/15 at 3:50 pm to LSUFanHouston
I have several properties, each one in a different LLC, and my CPA makes me get a w-9 signed by everyone I pay over $600. It's a pain in the a$$ to keep up with. I was hoping to prove him wrong.
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.
Posted on 3/27/15 at 12:15 am to tigeryat
If the company performing the repairs was a corporation, then there was no requirement to issue a 1099-Misc. A LLC could be taxed as a corporation or a S-corporation, and not require a 1099-Misc to be issued for services performed. I would imagine the a/c repair business would either be incorporated or organized as a LLC to provide the owner(s) some protection from lawsuits. The OP can tell the IRS he was under the impression the a/c repaid company did not require a 1099-Misc applying this rule.
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