Wilson, a sole proprietor, painted Bob's rental property this year. Bob paid him $750 for painting the
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Question:
Wilson, a sole proprietor, painted Bob's rental property this year. Bob paid him $750 for painting the rental property. What should Bob do to properly account for this payment to Wilson?
a) Bob doesn't need to do anything except pay Wilson.
b) Issue a Form 1099-NEC to Wilson to report the $750 payment.
c) Make one payment of $300 and one of $450 to avoid filing a Form 1099-NEC.
d) Issue a W-2 form to Bob at the end of the year.
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