PDA

View Full Version : Should I send a 1099 to individuals I purchased from for resale


jashman
Feb 14, 2011, 11:33 AM
We have a small business, sole propriortor; should we send 1099's to individuals we purchase inventory from for resale?

AtlantaTaxExpert
Mar 2, 2011, 12:05 PM
No Form 1099-MISC is required for these type of purchases for 2010.

However, you need to track these purchases, because, for 2011, you MAY have to generate a Form 1099-MISC if Congress does not change the law.