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Downey California Form 1099-MISC: What You Should Know

Note: If I received a rental income with a 1099-MISC for a house in the first house I purchased (as the new home), I would do the same. For a house in other  Countries, I would fill out 1099-MISC forms separately. See my answers to FAQ Q7. I get a 1099-MISC for renting a rental home. I am not claiming the federal income tax credit under the Housing and Community Development Act of 1974, Section 502. If I had claimed the federal housing tax credit at the time I purchased my house, I would receive a reduction of 250,000. If I receive a 1099-MISC in January 2023 for the 250,000, is that a taxable amount? A7. Now a 1099-MISC is no more taxable than a non-1099-MISC. Q8. I get an IRS 1099-MISC for making mortgage payments. I am not claiming the federal income tax credit under the Housing and Community Development Act of 1974, Section 502. If I didn't make enough mortgage payments that year to qualify for the federal tax credit, are I still eligible for rent subsidy payments at the end of the year? If yes, is the 1099-MISC taxable? A8. Absolutely yes, if your payment was not for a housing subsidy payment. The IRS 1099-MISC forms are available to most employers. Most banks and mortgage lenders are happy to send you the forms. A couple of small-town financial institutions may not be willing to send the forms. You will need to find a reputable bank or mortgage lender who will do the filing for you. I think we were just talking about the IRS having a list of “prohibited persons” who get 1099 and those with 1099s are the recipients, right? Yes. I do not know of any exceptions under the Tax Code for a rental property owner to obtain a 1099 and a non-1099. If that is the case, most banks and mortgage lenders would be happy to send them to you if you called. What would you do if you did not pay off your mortgage until January 2023 or January 2023 and received a 1099 for your rental income? The 1099 was generated by the IRS on November 28, 2021. It is a result of your payment of rent. The 1099 forms don't count interest income.

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