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BPO90245
Level 2
September 22, 2022

Do we issue a 1099 for a TIC (Tenant in Common) entity?

  • September 22, 2022
  • 1 reply
  • 13 views
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    1 reply

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    September 22, 2022

    I believe TIC's must follow IRS rules for informational returns

    B
    BPO90245Author
    Level 2
    September 22, 2022

    our client actually is renting out a space from this landlord,  who , when we asked for their (landlord's) W9, indicated on the W9 that they are a TIC entity.  We need to know if the rents we are paying out to this entity will have to be reported under a 1099?   thank you

    sjrcpa
    sjrcpa
    Level 15
    September 22, 2022

    Yes. Only corporations are exempt from getting a 1099 for rental income.

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