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Old 01-05-2010, 09:46 PM
 
1 posts, read 2,674 times
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i had a contractor do work on a rental property i own out right. I paid him $6,500.00 to do a complete rehabb. Am i responsible to send him a 1099 in order to write the 6500.00 off of my taxes. If so what is my dead line in getting the 1099 to the contractor. There is a signed contract for the work.

Thank you
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Old 01-06-2010, 09:12 AM
 
Location: Just south of Denver since 1989
11,815 posts, read 34,276,866 times
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Call a tax attorney.
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Old 01-06-2010, 09:44 AM
 
Location: Central NJ
633 posts, read 1,943,152 times
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I hope your a new Landlord and this is your first year because you should know this.

It's part of the Federal taxes schedule -c under "repair".
Save your cancelled check and his paperwork the estimate and paid receipt.

Let him do his work!

I would use a tax accountant from here on, it will be well worth a couple 100 bucks, which is deductible.

If you can do some work yourself and save some money, if you don't already.
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Old 01-06-2010, 05:45 PM
 
105,720 posts, read 107,700,939 times
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Quote:
Originally Posted by article View Post
i had a contractor do work on a rental property i own out right. I paid him $6,500.00 to do a complete rehabb. Am i responsible to send him a 1099 in order to write the 6500.00 off of my taxes. If so what is my dead line in getting the 1099 to the contractor. There is a signed contract for the work.

Thank you
depends what was done, rehab is not always a repair , it may be a capital improvement item in which case it becomes part of your cost basis and becomes part of your depreciation. renovations are generally capital improvements and not tax deductions like a repair..
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