If you own even one rental property, you are just going to become a little bit more busy this year. Whenever you use contractor to work on the property and you pay him ( her) $600 or more, you have to send this contractor IRS 1099 form. So, now you will have to obtain from your contractor name and social security number or other tax identification , keep record and at the beginning of 2012 send document. There are some exceptions to the requirement and I am sure if you visit IRS web-site, you will find those. Also there will be penalties from government if you file late or you fail to file at all. GOOD LUCK.
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