10 cent Super - 3 questions

Originally Posted by Secretariat

it is $600, IRS requirements, if you pay anyone over $600 and they are not incorporated, they are to be issued a form 1099.
that includes the guy that painted your basement for cash, the guy that fixed your car for cash, etc.
it also should include your landlord if you pay him rent,BUT there is a specific exemption regarding giving your rent receiver a 1099.
the burden of issuing the 1099 is on the payor, not the receiver.
they even have a form you give to the payee where you specifically request his SS number to report the payment.

Not that way at the track..it is based on odds..you can cash a ticket for more than $600 and not get a 1099.