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Old 06-06-2012, 02:20 PM   #1
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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?

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Old 06-07-2012, 12:09 AM   #2
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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.

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Old 06-07-2012, 12:12 AM   #3
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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.
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Old 06-07-2012, 05:23 AM   #4
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203k FHA Home loans and 1099's

Ask your accountant.
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