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When to report a deposit made in the prior calendar year
November 1, 2022
Q. If a deposit is paid in the year prior to event happening i.e. deposit for a hotel, convention center or construction project, do you send a 1099 the year deposit was paid or the following year when the rental or service is done? If a 1099 is sent when the deposit is paid, there may be an issue if the event/job is cancelled and refund is given. Also, you may not know which 1099 box to enter payment amount if deposit is for both hotel room rental and catering services.
A.
(Answered by IOFM's…
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