EXTENSIONS
File for an automatic 30-day extension using Form 8809 through the FIRE system at https://fire.irs.gov/. Remember, it must be done before the deadline. You can also mail Form 8809 and use certified mail to prove you did this before the deadline. Form 1099 is an IRS tax form used to report various types of income other than wages, salaries, and tips. For landlords, the most relevant forms are the 1099- NEC and 1099-MISC. Form 1099-NEC (Nonemployee Compensation) Used to report payments of $600 or more to independent contractors for services rendered in the course of your trade or business. Landlords must file Form 1099-NEC if they have paid $600 or more to service providers such as repairmen, plumbers, or cleaning services. Deadline: The deadline for providing the form to the recipient and filing it with the IRS is January 31, 2025. You don’t have to file a 1099-NEC for maintenance work done by a corporation. Tip: Pay by a third-party app that will issue a 1099-K.
FOR LANDLORDS, THE MOST RELEVANT FORMS ARE THE 1099-NEC AND 1099-MISC.
FORM 1099-MISC
Used to report various types of miscellaneous income, including rents. If you pay $600 or more in rent to a property manager or other entity, you may need to file Form 1099-MISC. Deadline: The form must be provided to the recipient by January 31 and filed with the IRS by February 28, if filing by paper, or March 31 if filing electronically.
THE 1099-K FORM
A document that reports payments you received for goods or services throughout the year. These payments can come from: •Credit, debit, or stored value cards, such as gift cards (payment cards) •Payment apps or online marketplaces, also known as third-party settlement organizations (TPSOs) These organizations must complete Form 1099- K and send copies to both the IRS and you.
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