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Do LLC Companies You Pay Rent to Need 1099-MISC Forms?

Small business owners should be aware of all possible informational return filing obligations they have with the IRS in addition to their income tax returns. If you lease business property, you may have an obligation to file a Form 1099-MISC to report the rent payments you make to a limited liability company that owns the property. This obligation to prepare a 1099-MISC form is the same regardless of whether your landlord is an LLC, a person or a different business entity.

When to File 1099-MISC

The obligation to file a 1099-MISC to report rent payments only applies when renting business property – never for your personal property. Moreover, 1099-MISC forms are only necessary when you pay $600 or more for rent during the year. This $600 is on requirement applies to the total rent payments you make. For example, if you rented warehouse space in for $250 per month, your obligation to send the LLC a 1099-MISC form kicks in once you make that third rental payment within the same year.

Request W-9 from LLC

If annual business rent payments will require a 1099-MISC form, you’ll need to first request a W-9 from the LLC or landlord. A W-9 is necessary to collect IRS-required identifying information about the LLC — which is ultimately reported on the 1099-MISC itself. Without the W-9, the IRS would have no way of insuring that the LLC members report all rental income on their returns. However, you don’t file W-9s with the IRS, but you should ensure its accuracy before filling out the 1099-MISC. In the event your landlord is a single-member LLC – which is a disregarded entity for federal income (and most state) tax purposes — the IRS taxes the LLC member as a sole proprietor. As a result, the single member’s Social Security number (SSN), or an employer identification number (EIN) they’ve obtained that’s unrelated to the LLC, should be reported with the member’s legal name. For all other LLCs, the business’ name and EIN are reported.

Preparing 1099-MISC Forms

Preparing the 1099-MISC once the tax year closes is fairly straightforward. First, you’ll transfer information from the W-9, such as the legal name of the LLC, the sole member’s name, a business address and the SSN or EIN. Then after calculating your annual rent payment, report it in box 1. In most cases you won’t fill out any of the tax withholding information in boxes 16 and 17; however, if the W-9 reports the wrong SSN or EIN, you may have an obligation to withhold tax from the rent payments.

Keep in mind that the IRS requires you to furnish a copy of the 1099-MISC to the LLC no later than Jan 31 in the year after the tax year. However, you have until the last day of February to file another copy of the 1099-MISC with the IRS, but if you file electronically, not until April 1st.

Reference:
IRS Form 1099-MISC