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1099 filing requirement question

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    1099 filing requirement question

    I have a client who buys and sells timber. Sometimes as lump sum and sometimes as pay-as-cut. Is he required to send the landowner a 1099 either way? He is having trouble getting customers to give him their social security numbers so that he can file these.

    #2
    1099

    Most of the taxpayers I see with timber sales have a 1099 S from the timber company. Your clients should not be cutting or buying their timber without first getting a SS number from them. If they refuse, he can do a 20% backup withholding prior to paying them.

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      #3
      Originally posted by Traveling EA View Post
      Most of the taxpayers I see with timber sales have a 1099 S from the timber company. Your clients should not be cutting or buying their timber without first getting a SS number from them. If they refuse, he can do a 20% backup withholding prior to paying them.
      I agree he should have gotten the SS number first, but too late for that now. Does he file the 1099 S without a SS number, or just not file them at all?

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