Taxes - 1099s

I’m trying to understand the IRS reg’s when it comes to writing off repairs. As I understand it, if a homeowner spends more than $600 on services, the service provider needs to provide the homeowner with a W9 form.  Additionally, in order to make a proper deduction, the homeowner(and presumably the service provider) will need to file a 1099 for these services. Some of the service provicers include: Electricians Painters Roofers Home associations Window repair people Locksmiths Snowplow opeators Landscapers Plumbers Accountants Lawyers Wallpaper installers Tax preparers Apartment cleaning people Carpet cleaners Any other service provider who is issued a payment for services thatexceed $600 in the tax year -What happens if a taxpayer/homeowner doesn’t obtain these documents?  Are the deductions automatically disqualified? -To the Tradespeople out there…  Are you now required to send customers ‘year end statements’ documenting the amount dollarwise of services provided?

RunJoe

in Taxes 12 years and 6 months ago

2

Please log in, in order to post replies!

2 replies

Newest Oldest

crash_nyc | 12 years and 6 months ago

string(1) "1"
object(WP_User)#4856 (8) {
  ["data"]=>
  object(stdClass)#4879 (12) {
    ["ID"]=>
    string(6) "177858"
    ["user_login"]=>
    string(9) "crash_nyc"
    ["user_pass"]=>
    string(34) "$P$Bpg8zHgQKRDW9E0T9Cz6WOp.qPupCk/"
    ["user_nicename"]=>
    string(9) "crash_nyc"
    ["user_email"]=>
    string(17) "cglist@cglist.net"
    ["user_url"]=>
    string(51) "http://bstoner.wpengine.com/forums/users/crash_nyc/"
    ["user_registered"]=>
    string(19) "2017-08-10 13:40:08"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "crash_nyc"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(177858)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Nope I’m not an accountant, but here’s my understanding… The article slopemope linked to refers to *individuals* not needing to provide 1099’s, but businesses DO. If you have a business and will be writing off the payment to the contractor as a business expense (including, I believe if you are in business as a landlord), then you need to issue a 1099 for the work, otherwise, as far as I know, you do not.  I’m not sure how else you could write off home repairs on your personal taxes, unless the home is part of a business, but if you have a way to do it, I’d be curious to hear about it… “Can you write off home repairs on your personal taxes”
http://answers.yahoo.com/question/index?qid=20071202160834AAltF7g

slopemope | 12 years and 6 months ago

string(1) "1"
object(WP_User)#4857 (8) {
  ["data"]=>
  object(stdClass)#4858 (12) {
    ["ID"]=>
    string(6) "161310"
    ["user_login"]=>
    string(9) "slopemope"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(9) "slopemope"
    ["user_email"]=>
    string(19) "slopemope@yahoo.com"
    ["user_url"]=>
    string(24) "/forums/users/slopemope/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:24:00"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "slopemope"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(161310)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

 this is incorrect.  you cannot decuct home repairs.  i believe you are confused as to the nature of a 1099\.  they are used to make sure tradesmen report their income and pay their taxes.  as a homeowner you do not have to issue any unless you have hired someone as your employee (vs an independent contractor, which is 99.9% of the scenarios).     http://www.ehow.com/info_12012649_individuals-issue-1099s-people-repair-stuff-home.html