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Are bank fees and utilities 1099 reportable?
April 16, 2024
Q. It's my understanding that bank fees and utilities are not 1099 eligible but I don't see anything on the IRS website that confirms that assertion. Can you confirm that utilities and bank fees are not 1099 reportable? Please provide a link to the IRS reference.
A.
(Answered by IOFM's third-party tax experts)
There is no blanket exemption for “utilities” or “bank fees” which precludes these being Form 1099 reportable. If there is an exemption it will be in line with those established in the…
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