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As of tax year 2020, the 1099-MISC form is used to report miscellaneous income such as rent. Independent contractor income is reported with a 1099-NEC.

A business issues Form 1099-MISC to report income from rents, royalties, prizes, or awards paid to third parties.

Most corporations, whether C-corp or S-corp, will not be issued a Form 1099-MISC unless they have been paid $600 or more in a calendar year for medical or legal services. The IRS exempts corporations from needing to receive a Form 1099-MISC because of the already high level of administrative reporting required for corporations.