![]() If you are a lessee, lessor or manager of property for trade or business, here are a few guidelines to consider: In the real estate industry (and in particular, property management), specific scenarios determine when and how these forms are used. What are property management requirements for 1099s and W-2s? If you have your own business or work as an independent contractor, a client may request that you fill out and send a W-9 so they can accurately prepare your 1099-NEC form and report the payments they make to you at the end of the year. For example, if a business makes payments for services performed by independent contractors or other non-employees, they must file a 1099 to report those earnings.įorm W-9-Request for Taxpayer Identification Number and Certification-is a commonly used IRS form. The party actually making these payments is the one responsible for filing this form. What are IRS Forms 1099 and W-9?įorm 1099 is used to report income from self-employment earnings, interest and dividends, etc. ![]() If you are a tenant, landlord or property management company, you may be unclear about when to send or receive IRS Form W-9 and whether to file IRS Form 1099. While an independent contractor is required to honestly report all of his or her earnings, the IRS relies on Form 1099 to help verify the required income reporting information.Ĭurrent tax law defines receiving rental income as conducting the trade or business of renting out property, subject to Form 1099 reporting requirements. The Internal Revenue Service (IRS) utilizes Form 1099 to capture income that might not be reported. ![]()
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