Did the 1099 misc reporting change in 2011?. Confused on the expanded and then repealed and then postponed until 2012. Any brief reference to 2011 1099 misc reporting would be helpful.
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thanks
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Briefly
Briefly, it's the old rules. -
One item that remains is a new pair of questions on Schedules C, E, and F.
Although the requirement that 1099s be issued for rental property expenses was repealed, the questions remain on the Schedule E. As far as I know, the first question must still be answered, though I have yet to see a convincing case for ever answering "yes" (on the Sch. E).
Since I'm seeing lots of confusion, I'll be a bit pedantic: People filing either Schedule C or Schedule F were already required to issue 1099-MISCs in many cases prior to this entire brouhaha. They're still required to file them, and hence many of those will need to answer "yes" to the corresponding question.Last edited by Gary2; 01-12-2012, 07:59 AM.Comment
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Yes, agree, old rules. But one thing changed nevertheless. Credit Card payments have to be excluded from the reporting. No big deal this year since IRS won't match to give the companies who have to report credit/debit transactions more time, but these are still the rules.Comment
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Schedule E
I thought the reporting by rental owners was repealed last April by the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011.Last edited by ttbtaxes; 01-12-2012, 03:17 PM.Comment
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Yes it was.Comment
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Yes, but while the IRS has corrected the instructions for the 1099, they haven't changed the instructions for the Schedule E. Hence my comment that the question needs to be answered, but the answer is no.Originally posted by ttbtaxes View PostComment
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What I intend to do, is that since 1099's are not required for schedule e payers, just don't answer the question. Only then if IRS and/or software provider rejects, will answer answer it.Originally posted by Gary2 View Post
Let's just see.ChEAr$,
Harlan Lunsford, EA n LAComment
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