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Effective 2011 it will be required for all Landlords who receive more than $600 in rent for their property to provide 1099's to all their service providers that they paid more than $600 for the year. This covers both residential and commercial landlords, so everyone needs to be prepared to get Tax ID numbers from all service providers that they will be using and paying in 2011 and beyond. It appears they will be penalizing a fine at a cost of $50 per 1099 not filed!!! Then again in 2012 it will be expanded to also cover providers of Goods.
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3 Comments on New Requirements for Landlords in 2011!!!! Need to Prepare Now!!!
Mary ~ Thanks for sharing -- just need to chop down a couple of trees to ensure everyone is properly notified and taxed and taxed and taxed. Health Care Bill, indeed!
Oh goody another tax..............the fed can't miss out on any opportunity. thanks for sharing.
This is not accurate but there is a real tax issue that is related to this post. The true issue comes from the new health care law crammed down our throats from Democrat-controlled Washington. I could dig up the reference if necessary but I went to the text of the bill a few months back and I found it... a very small entry that said that if a business or sole proprietor paid $600.00/year to any single business then a 1099 would need to be issued. This is an expansion of existing tax law where we already must issue a 1099 if we pay an unincorporated person that much.
So this has nothing to do with collecting rent... it's all about paying $600+ in a single year to a single business. This goes for every business that pays any other business e.g. buying office supplies at Office Depot! It is not restricted to any single industry either.
Both the Democrats and the Republicans are coming up with bills to repeal this change. Only one bill keeps it simple and just repeals the change while other bills are trying to sneak in other changes as well. In any case it looks like there is enough support to repeal this ridculous change before it takes effect.