Cash Rent Farm tenant issues 1099-Misc with amt in Box 1 and the payer's ID # is in the format of: 000-00-0000. Payers name as it appears on 1099-Misc is tenants name with No LLC or Inc behind his name. Looked at check issued to my client, the Tenants name and his spouses name appear on the check. No LLC or Inc behind the name. Based on this, can I conclude the Tenant is a Sole Proprietor probably filing a Sch F?
-
-
Could you be a little more specific as to what you are asking? I am not sure why you are wondering whether the tenant files a Schedule F. -
My question is really the tenants entitiy
My question is really if the tenant is a sole proprietor and believe it or not, the tenant does not even know and the tenants tax preparer is to busy to return the call to my client. If a sole proprietor, I would think my client would have reason to be concerned. I asked my client why didn't you ask him before you rented to him and my client replied one of the other tenants was supposed to do that.Comment
-
Well, if your client is the landlord, just report the rent income and move on. It is the tenant's responsibility to issue a correct 1099. The only way I would be concerned is if the 1099 amount is wrong.Comment
Comment