NECPA in NEBRASKA Posted January 6, 2023 Report Share Posted January 6, 2023 I've got a client that receives one check from a farmer for cash rent and then writes two more checks to his sibling to split it. The farmer will not issue a 1099. I don't know why, but the income is always reported on Schedule E. Does my client need to issue 1099s to his siblings? Part of me thinks yes, but then he is not really paying rent to them. He could nominee it out, but there is no 1099 to tie it to. Thanks! Quote Link to comment Share on other sites More sharing options...
Lee B Posted January 6, 2023 Report Share Posted January 6, 2023 Is it a PTS or a Joint Venture? Either way I wouldn't issue a 1099. Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted January 6, 2023 Author Report Share Posted January 6, 2023 It's neither of those. They each own their own portion of land and the renter just writes one check. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.