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    1099 to LLC

    My client paid ABC plus financial LLC $3000. Does he need to issue 1099?

    I think you only issue to Individuals? not to LLC or Corp etc.

    Thanks

    #2
    Yes

    Needs to issue 1099 to LLC's.

    Only corp's are exempted.

    Comment


      #3
      Originally posted by Gabriele
      Needs to issue 1099 to LLC's.

      Only corp's are exempted.
      Thank you.

      Comment


        #4
        Originally posted by Gabriele
        Needs to issue 1099 to LLC's.

        Only corp's are exempted.
        Should I report in box 7 or box 3?

        If it is interest I should put it in 1099-int ?

        Thanks

        Comment


          #5
          1099

          If it is interest, yes, it will be reported on 1099-INT.

          If box 3 or 7 depends on whether it is subject to SE. If it is then box 7.

          Comment


            #6
            Client is a business right?

            An individual never has to issue a 1099. Even if you own rental property you are still an individual and you do not have to issue a 1099. Only trade or businesses issue 1099's.
            Last edited by JG EA; 01-27-2006, 02:12 AM.
            JG

            Comment


              #7
              Originally posted by JG EA
              An individual never has to issue a 1099. Even if you own rental property you are still an individual and you do not have to issue a 1099. Only trade or businesses issue 1099's.
              Yes it is corporation.

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