landlords new 1099 tax filing requirements: New 1099 Tax Filing Requirements for Small Business Owners and Landlords
- 01/19/11 07:51 AM
New Law [H.R. 5297, Section 2101(h), the U.S. Small Business Jobs and Credit Act of 2010], is effective January 1, 2011. Part of this requires small business people (including landlords) to report payments of $600 or more on IRS Form 1099. This expands the 1099 reporting requirement related to a trade or business. Under prior law only those real estate professionals engaged in property management-type businesses have been required to file Form 1099. This new federal law extends the Form 1099 requirement to any person who receives rental income. This requirement applies to any landlord (including a small investor, residential and commercial), rather than only those who are in the … (0 comments)
landlords new 1099 tax filing requirements: Landlords With New 1099 Tax Filing Requirements
- 12/04/10 04:55 AM
If you are a commercial or residential landlord, you will have new 1099 tax filing requirements with the Internal Revenue Service IRS starting in 2011. Landlords (whether professional or casual) need to 1099 the service providers to whom they paid $600 or more during the calendar year. It's new that the casual landlord, not just the professionals, must 1099 service providers. Landlords must send a 1099 to all service providers who received payments of $600 or more during the year, such as plumbers, carpenters, gardening services, and repair people. This new requirement applies to owners of both residential and commercial property. The exception to this new … (15 comments)
;)
;)
;)
