Accountant Forums


Reply
Thread Tools

Do Condos have to issue 1099's to service contractors?

 
 
Robert Edmonds
Guest
Posts: n/a
Thanked:
 
      10-22-2003, 11:20 AM
I am treasurer of a Condominium and am confused about the
requirements to issue 1099's. We have contracts/agreements
with various service providers for lawn work, cleaning and
etc. Some of these are sole proprietors, and we will pay
some at least $600/year..

In reading the instructions for 1099, I see the requirement
for reporting on 1099's payments for services provided "in
the course of your business". As a condo, and a nonprofit
corporation, we don't have a business.

So will work performed in maintaining our property by
contractors require us to issue 1099's if the entity is not
a corporation??

Thanks

R. Edmonds

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
 
Arthur Kamlet
Guest
Posts: n/a
Thanked:
 
      10-24-2003, 06:11 AM
Robert Edmonds <(E-Mail Removed)> wrote:

> I am treasurer of a Condominium and am confused about the
> requirements to issue 1099's. We have contracts/agreements
> with various service providers for lawn work, cleaning and
> etc. Some of these are sole proprietors, and we will pay
> some at least $600/year..
>
> In reading the instructions for 1099, I see the requirement
> for reporting on 1099's payments for services provided "in
> the course of your business". As a condo, and a nonprofit
> corporation, we don't have a business.


For purposes of issuing the 1099 you are, and you would give
each contractor a W-9 to complete and return to you. If they
certify they are a corporaiton you do not need to issue the
1099. Otherwise you do.

__
Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
 
D. Stussy
Guest
Posts: n/a
Thanked:
 
      10-25-2003, 10:13 PM
Arthur Kamlet wrote:

> Robert Edmonds <(E-Mail Removed)> wrote:
>> I am treasurer of a Condominium and am confused about the
>> requirements to issue 1099's. We have contracts/agreements
>> with various service providers for lawn work, cleaning and
>> etc. Some of these are sole proprietors, and we will pay
>> some at least $600/year..
>>
>> In reading the instructions for 1099, I see the requirement
>> for reporting on 1099's payments for services provided "in
>> the course of your business". As a condo, and a nonprofit
>> corporation, we don't have a business.


> For purposes of issuing the 1099 you are, and you would give
> each contractor a W-9 to complete and return to you. If they
> certify they are a corporaiton you do not need to issue the
> 1099. Otherwise you do.


Although the above may be correct, I do have a problem with
a 1099 issued for the payment of living expenses that fall
under IRC 262, communal or not.

<< ------------------------------------------------->>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org >>
<< ------------------------------------------------->>
 
Reply With Quote
 
 
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
condos - underwater vs payoff ps56k Financial Planning 3 06-22-2011 04:32 PM
holding condos and loosing money ps56k Financial Planning 13 07-09-2009 02:26 AM
Resolution for the compatibility issue in Microsoft Dynamics Retail Products after Windows XP Service Pack 3 or Windows Vista Service Pack 1 is installed Todd Berger [MSFT] Microsoft Point Of Sale 4 06-17-2008 07:34 PM
possible to get sale prices of condos in my building ? john Financial Planning 11 11-02-2007 09:41 PM
Brokerage accounts, Condos, Taxes and Divorce psriniva@yahoo.com Financial Planning 3 09-03-2006 08:14 PM


All times are GMT. The time now is 12:33 AM.
Posts in this forum do not constitute the advice of AccountantForums.com or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.