Sold rental property

Forum|Forum|1 year ago
January 29, 2025
1 reply
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We sold a rental property in 2024, owned for many years. Just prior to selling the property we had to bring the property up to sellable condition to get the best return on our sale. Do we need to issue a 1099? to the individual contractors (over $600) that performed the work? We had a company that painted the entire house and an individual contractor that did miscellaneous jobs.

PatriciaV

Employee

Yes. The basic rule is that you must file a 1099-MISC whenever you pay an unincorporated independent contractor -- that is, an independent contractor who is a sole proprietor or member of a partnership or LLC -- $600 or more in a year for work done in the course of your trade or business.

You may be able to use TurboTax Quick Employer Forms (QEF), a service we offer to customers who use the TurboTax Business, TurboTax Premium Online, and TurboTax Home & Business for the current tax year.

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