I am the landlord of a commercial ground lease. I receive rental income every month from a tenant that is a corporation. The amount is around $50,000 a year. Who is responsible for issuing the 1099-misc for the rental income I receive from my tenant that is a corporation every year? Me the landlord, or my tenant? Thank you in advance.
You're the one who gets paid, so you issue the 1099. But I thought a
1099 isn't required if you're dealing with a corporation.
your tenant.
Sorry, I just got that exactly backwards. They pay you, so they issue the 1099.
The payor issues the Form 1099. In your situation, it would be the tenant. (You don't issue them to yourself.)
Thank you for all the replies. My tenant's accountant is saying that since my tenant is a corporation he does not need to issue me a 1099-misc. Is that correct? Do I wait to receive the 1099 or do I just add up the rent I received for the past year and show that on my tax form?
Your tenant's accountant has it backwards. You don't always have to issue Forms 1099 TO corporations. However, if the corporation is the payor, the corporation does need to issue them. (On the other hand, you don't need a Form 1099 to complete your tax return.)
I think if YOU were a corporation it would not have to issue you a 1099. But the fact that IT is a corporation is not a determining factor.
Thank you for all your replies. It has helped me greatly.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.