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#1777247 - 01/17/13 02:55 PM 1099MISC and Appraisers
Patricia Offline
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Joined: Mar 2011
Posts: 335
Kansas
Subject: Payments made to an appraiser on a real estate loan. I know payments of $600.00 or more are reportable on a 1099MISC. and I know this doesn't apply to corporations but does it apply to an individual that isn't part of a corporation? 1099 MISC. Instructions Section P. "Payments to Corporations and Partnerships" state payments to a partnership are reportable however wouldn't payments to an appraiser that isn't part of a partnership be reportable also?
I am getting push back from the lending department on this issue.

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#1777346 - 01/17/13 04:24 PM Re: 1099MISC and Appraisers Patricia
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
What does the lending department have to do with determining tax information reporting?? Any vendor payments should all be handled through your accounts payable processes to allow for proper tracking. You are correct in your assessment. If the payments are made to the appraisers as individuals, reporting is required.
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