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Thread: How to fill out a 1099!? (Needed for apartment)

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    Default How to fill out a 1099!? (Needed for apartment)

    Hi ladies,

    Ive been applying for an apartment and they tell me they need either a 1099 or my taxes. I never did my taxes from last year, so that's not an option. I know nothing about 1099's. I picked up a 1099 from a government office, and I'm assuming I can fill it out and send it in to the apartment complex? I am so confused on how to do this. It looks like I need my club's taxpayer ID number... but I really doubt my club will give me this information. Any tips?

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    Default Re: How to fill out a 1099!? (Needed for apartment)

    1099s are generated from employers. Legally anyone that pays someone over $600, I think, has to generate a 1099. (So the gov can track their income...)

    You can tell the apartment folks that you filed an extension for your taxes, that gives you till Oct 15 to get them in...

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    Default Re: How to fill out a 1099!? (Needed for apartment)

    Ive worked there a year and they havent paid me a dime. So, they wont supplying me with one. I guess I have to fill it out on my own? But I still need the club's tax ID number?

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    Default Re: How to fill out a 1099!? (Needed for apartment)

    ^^^ you CAN'T fill out your own 1099 ... it HAS to come from the paying company. Attempting to do so could be construed as fraud. In point of fact, you operate a sole proprietor business, so the 'income verification' must come from your business records and tax return filings.

    If you must show proof of income to a prospective corporate landlord, and they insist on seeing tax documents, your best bet is to file a ( late ) 2011 tax return. It's also possible that if you have been routing your dancing earnings through a dedicated business bank account that the prospective landlord will accept bank statements showing regular deposits into that account. This issue arises from new US regulations on banks / finance companies / lenders ( and a landlord writing a lease agreement is equivalent to a lender, since the landlord is effectively 'lending' the tenant 6-12 months worth of rent money ) that the income of prospective new 'borrowers' must be verified.

    With the advent of the 'income verification' requirement, on top of the cash transaction reporting requirements already in place as a result of terrorist anti-money laundering laws, the days are essentially over where a person can plunk down cash for any substantial purchase ( or down payment for a loan / first and last month's rent for a lease etc. ) without having an established 'paper trail' as to where that cash came from. From the standpoint of a bank / finance company / lender, cash earnings that have not been reported to the IRS simply DO NOT EXIST in regard to 'verifiable income'.

    However, where apartments are concerned, only 'corporate' landlords are bound by the 'income verification' requirement. Mom & Pop landlords with an upstairs apartment for rent aren't required to ask for 'income verification'.

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    Default Re: How to fill out a 1099!? (Needed for apartment)

    If you didn't file your taxes, you're fairly screwed. As Melonie said, you can't just fill out your own 1099-it has to come from the company.

    You can try showing your bank deposits, or if that doesn't work, offer to pay for several months up front. Most landlords will get over the income verification if you offer 6 months free.

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    Default Re: How to fill out a 1099!? (Needed for apartment)

    Most landlords will get over the income verification if you offer 6 months free.
    This is true in many cases. It is NOT true for 'corporate' landlords who must show compliance with Sarbanes-Oxley and other financial regulations.

    Also, even if dealing with a landlord who is willing to accept 6 month's worth of lump sum cash rent payment in lieu of writing a six month lease, there is a distinct possibility that this lump sum cash rent payment will trigger the issuance of an automatic 'cash transaction report' to the IRS. This in turn could trigger an IRS computer cross-check to see if the person who just spent X thousands of dollars in cash on six months worth of pre-paid rent also filed a tax return last year reporting enough income to explain where that X thousands of dollars in cash came from ! The reporting threshold amounts vary from state to state, from $10,000 down to as little as $3,000. Thus it will really only be Mom & Pop landlords who are 'free' to accept a large cash payment without income verification of cash transaction report mandates.

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