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Tax Law Change for Rental Property Owners
 
This is not NEW legislation * just regurgitated and most professional property managers have been doing it for YEARS!  Another slap in the face of the CASH/under-the-table economy and much ado about something already in effect.
This regurgitation is being directed ENTIRELY at small and DIY landlords who may not have done this in the past * did not use documented workers or those who did not have proper tax or SS#
 
Tax Law Change for Rental Property Owners.
There are new requirements for owners who want to deduct maintenance, upkeep and repairs on their taxes for rental property.
The Small Business Jobs and Credit Act, which was passed by Congress and signed into law by the President in late September of 2010, contains the following statement:
"If a property owner uses the services of a gardener, plumber, housemaid or handyman of any type to work on his/her rental property and pay the worker of contractor directly $600 of more (including materials and parts) the owner must issue the worker a Form 1099-MISC."
In order to fill out Form 1099-MISC, the owner will need the workers tax identification number (most often the Social Security Number), their address and the ... more

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