203k FHA Home Loans And 1099's - General DIY Discussions - DIY Chatroom Home Improvement Forum


Go Back   DIY Chatroom Home Improvement Forum > DIY Repair > General DIY Discussions

CLICK HERE AND JOIN OUR COMMUNITY TODAY...IT'S FREE!

Reply
 
Thread Tools Display Modes
Old 06-06-2012, 03:20 PM   #1
Newbie
 
Join Date: Jun 2012
Posts: 1
Rewards Points: 10
Default

203k FHA Home loans and 1099's


We purchased a house using a 203k Streamline loan..

Kind of a nightmare with the GC (Never trust a friend - dont hire them unless you are ok with fire'ing them, and always ask for, and visit their references, and SEE their work)..

Anyway, they did about 30k worth of work (Replacing cedar shake Roof with composite, Rebuilding Deck and re-flooring baths and kitchen).

Does anyone know if the Homeowner would be required to send the Contractor a 1099 for the work that was completed for a 203k?

Is a homeowner ever responsible to send a 1099 to a contractor?

Advertisement

joeves is offline   Reply With Quote
Old 06-07-2012, 01:09 AM   #2
Too Short? Cut it Again!
 
Join Date: Sep 2009
Posts: 9,634
Rewards Points: 2,000
Default

203k FHA Home loans and 1099's


As I understand the ever confusing tax regulations a homeowner is not conducting a business that would require hiring a contractor on a continuing basis so does not have to file 1099s. However, the contractor is supposed to report any income and can deduct allowable expenses incurred in conducting his/her business whether a 1099 is filed or not.

As a homeowner you may be required to file a 1099 for household help---gardener, cleaning person, nanny, etc.---that works for you on a regular basis. I do not remember the income cut-off.

Always be cautious of "under the table" deals. All it takes is someone angry about something to get you in a fair amount of trouble. At least potentially. It is best to report income honestly. And when in doubt consult a tax professional.

Advertisement

user1007 is offline   Reply With Quote
Old 06-07-2012, 01:12 AM   #3
Member
 
Join Date: Jan 2012
Location: Pacific North west
Posts: 1,311
Rewards Points: 626
Default

203k FHA Home loans and 1099's


This is so dumb I would not have even reported the work done and moved on with life.
Nailbags is offline   Reply With Quote
Old 06-07-2012, 06:23 AM   #4
Lic. Builder/GC/Remodeler
 
AtlanticWBConst.'s Avatar
 
Join Date: May 2006
Location: New England
Posts: 7,556
Rewards Points: 2,000
Default

203k FHA Home loans and 1099's


Ask your accountant.
__________________
- Build Well -
AtlanticWBConst. is offline   Reply With Quote
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





Top of Page | View New Posts