USA 1099 misc filed should have been 1099 int

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We filed a 1099 misc for 2018 (Rents) but it should have been filed on 1099 Int for interest payments only because we are buying the building on a Land Contract.

My question is: Should I simply send in a corrected 1099 Misc showing 0.00 for Rents and then issue a new 1099 Int with the actual interest portion of the payments? Thanks in advance for any advice.
 

kirby

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Yes, send in a correction ASAP. IRS penalties for incorrect 1099 increase as time goes on. Not likely you'll be assessed but better to nip this in the bud.
 
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Yes, send in a correction ASAP. IRS penalties for incorrect 1099 increase as time goes on. Not likely you'll be assessed but better to nip this in the bud.
Thank you. I sent the corrected 1099 MISC and in the process of creating a new 1099 INT for the interest pmts.
 

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