So do I need to give the landlord a 1099???? and Are there any penalties if I do not send it????
2007-01-30 15:52:20 · 7 answers · asked by argentinianempanadas 1 in Business & Finance ➔ Renting & Real Estate
yeah, i just want to say that's alot in rent..just wanted to comment. Didn't know building rent was that high!
2007-01-30 16:00:09 · answer #1 · answered by Lil SW 2 · 0⤊ 1⤋
You do not give the landlord a 1099. This is not what a 1099 is for. As the lessee, you can claim the rent as a business expense, the landlord takes care of his own reporting of the rent, and whether and what kind of income it is.
Paying that much rent, you should have an accountant.
2007-01-31 00:08:31 · answer #2 · answered by The Cythian 3 · 0⤊ 0⤋
No. A 1099 is used when you hire someone for professional services. Rent is a completely different thing. Keep the cancelled checks as proof of your business expense. Your landlord has to take care of his own income. I would suggest you hire a tax professional to help you since you seem unfamiliar with tax requirements.
2007-01-31 00:03:59 · answer #3 · answered by wires 7 · 0⤊ 0⤋
Your question is a bit on the scary side I have to say...You say you own a business then I say you should have an accountant...because what you are talking about have absolutely nothing to do with a 1099!...So get an accountant and you will find that your rent is a business expense deduction for you on your taxes!...Oh my goodness!!....lol...ss
2007-01-31 12:53:21 · answer #4 · answered by Littlebit 6 · 0⤊ 0⤋
Why would you need to give him a 1099? You need a good accountant/tax man if your asking this question, really. 1099 are interest/dividend statements. You paid him, you do not need to give him anything. He has to do his own taxes based upon the income you paid him (rents).
Really get a good tax accountant for your buisness, you can write it off.
2007-01-31 00:03:57 · answer #5 · answered by Kdude 4 · 0⤊ 0⤋
No, you don't need to give him a 1099 for rent payments.
2007-01-31 00:36:20 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
You should get your landlord to fill out the 1099 cuz you don't want to get stuck with any additional penalties later!
2007-01-31 00:01:48 · answer #7 · answered by Maria C 3 · 0⤊ 1⤋