Getting TIN for husband and wife rental business - to issue 1099s

Forum|Forum|3 years ago
January 17, 2023
4 replies
0 views

I nee to issue 1099s and I don't want to put my own SSN on it.
So I think I need TIN.

Question is: Do I get TIN just for one of us as a Sole proprietorship?
Or a TIN for Partnership that would list both of us?
I need it ONLY to issue 1099s for contractors, nothing else.
We owned 2 rentals for several years and so far we did only Schedule E under both of us.

What is the right way to get TIN?

Thanks

VolvoGirl

Employee

You need a EIN not a TIN if you don't want to give out your ssn.

how to get an ein

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Critter-3

If you are NOT in the rental business and simply file the rentals on your personal return using a Sch E you do NOT need to issue any 1099 forms. You should have a reciept and proof of payment for the expenses and that is all you need.

YaMuAuthor

Clarification:

As I explained before, I want EIN so I don't share my SSN with contractors on 1099-Misc.
TT says I have to issue 1099 if I paid over $600 over.

Does it make sense?

Thanks.

Critter-3

Only if you are in the BUSINESS of renting properties do you need to issue 1099 forms but if you are just a landlord reporting on the Sch E as passive income there is an exception to the 1099 rule for you thus an EIN is not required however if you want one go get one ... they are free from the IRS and issued instantly.

Critter-3

And stop reading what TT says ... it is inaccurate ... here is the IRS SS-4 form ... read it ... https://www.irs.gov/pub/irs-pdf/fss4.pdf

Carl11_2

Employee

TIN - Taxpayer Identification Number. This is typically issued to an individual who does not have and/or does not qualify for a social security number. If you have an SSN, you do not need a TIN.

EIN -Employer Identification Number. This is typically issued to a business or other non-living, but taxable entity, that is "at least" reported on SCH C. But even if you're reporting rental income on SCH E, if you are required to issue tax reporting documents to vendors (such as a 1099_MISC) it's smart to get an EIN.

The EIN number is tied to a specific social security number. There are only two entities that know what SSN an EIN is tied to. One entity is the IRS, and the other is the individual requesting the EIN. No other person or entity has a need to know what SSN an EIN is tied to.

Getting an EIN is free and takes about 10 minutes at https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Once issued the EIN, DO NOT LOSE IT, as recovering a lost or forgotten EIN from the IRS is not a simple process.

Take note that if you request an EIN for your SCH E rental purposes, there is nowhere on your tax return for you to enter the EIN, and you don't need to. The IRS will already know what SSN that EIN is tied to, and it needs to be either one of the taxpayer's SSN on the 1040.

Anonymous_

Employee

@Carl11_2 wrote:

If you have an SSN, you do not need a TIN.

An SSN is a TIN. A TIN is simply an umbrella term (Taxpayer Identification Number) that encompasses all of the other, specific tax ID numbers such as an SSN, EIN, ITIN, ATIN, and PTIN.