Contractors & 1099 Filing Requirements
To claim rehab expenses, you must comply with your obligation to file 1099-NECs for all independent contractors to whom you paid $600 or more. The filing deadline for 1099-NECs is January 31 of the following year.
Tracking Spreadsheet
Request a free copy of an excel template to track your rental income & expenses on a monthly basis and to simplify data submission for tax prep. Send an email to lori@deweytax.com
What documents does Dewey Tax need from you?
Closing documents for current year purchases, refinances, and sales
Federal Depreciation Schedule for existing SF properties (usually included in prior year tax return)
1098 forms for Mortgage Interest
Itemized rehab receipts/invoices that are over $2500