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1099-Misc Contractor paid directly by lender from held back insurance proceeds

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    1099-Misc Contractor paid directly by lender from held back insurance proceeds

    Client is required to pass on all proceeds paid by insurance for loss claim to lender. Lender pays contractor directly. Is the lender required to issue a 1099 form or my client?

    #2
    Lender may issue the required tax documentation.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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      #3
      I am pretty sure lender doesn't since getting the contractor's W-9 was not part of the process. I would like to find out who is the responsible party.

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        #4
        Originally posted by Gretel View Post
        I am pretty sure lender doesn't since getting the contractor's W-9 was not part of the process. I would like to find out who is the responsible party.
        If the payer is the lender then they should get a W9 before they cut the check!

        What do you think the contractor is going to say when his check is NOT in the mail because a W9 is waiting to be signed?
        Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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          #5
          Originally posted by ATSMAN View Post
          If the payer is the lender then they should get a W9 before they cut the check!

          What do you think the contractor is going to say when his check is NOT in the mail because a W9 is waiting to be signed?
          Still not my question. It's the lender's responsibility to get their paperwork in order not my client's or the contractor's? Do you give out a W-9 when not asked?

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