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1099s for pasture lease?

C

Cooter143

Member
Would pasture lease require a 1099 under the new law? The farmer that leases my property is requesting my info (SSN) so he can send me a 1099. If so, should I have to provide him my SSN? This doesn"t sound right, but I know that doesn"t mean anything anymore.
 
He should have always been giving you a 1099 for the rent. I have always given them out for land and machinery rent if it is over $750 a year.

He will need your Legal name, address, and SS# to file out the 1099.
 
If he paid over $600 for the year to you and wants to deduct it from his taxes yes he has to send you a 1099.

Yes you need to give him your SS# or tax ID number.

If you don't want to give the SS# get a tax ID number but it is to late for thia year. That 1099 has to be sent by him before 1/31/2014.

Gary
 
If you refuse to give it to him the IRS will give him a form and next year he will be required to send the IRS about 30% of your rent as witholding tax.It has been law for a few years but just recently the IRS has been checking it more.But I do not like getting other peoples ss numbers and info.But that is how it is.
 
Yes, you have to give him that info so he can send a 1099. Actually he should have sent you one already. This is nothing new. That law has been on the books for a long time. A couple years ago they were going to expand it where many more 1099's would have been required. They backed off when everyone complained how expensive and difficult it would be to comply.
If you're incorporated he MIGHT not be required to send a 1099 to you.
The reason for the 1099 is to make sure you report the rent income.
 
Not sure how doing business with someone else would change things. They will still be required to send you a 1099 (and you'll still be required to report the income). And as someone else mentioned if you don't supply the info to your tenant they're supposed to withhold part of your rent and send it to the irs.
If you're just worried about giving someone your SS# you can get a federal tax number. Your accountant can help you with that.
 
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