rental properties: Do You Own A Rental Property? Poof! You Are A Business Owner! - 08/01/11 05:08 PM

Did you know buried in last September's Small Business Jobs Act of 2010 are new 1099 rules for owners of rental real estate?  For the 2011 tax year, the IRS will consider owning 1 or more rental  properties “a business” for purposes of the 1099 requirements. 

This means property owners must file a 1099 with the IRS for any service provider paid $600 or more in 2011 for services.  Services can range anything from yard care to accounting.  Owners must provide a copy of the 1099 to each payee. 
There are exceptions... Congress … (4 comments)

Lora Willms, Mortgage Loans in Wisconsin, Illinois & Texas (Network Funding, L.P.  NMLS #2297, NMLS #222026)

Lora Willms

Mortgage Loans in Wisconsin, Illinois & Texas

Mequon, WI

More about me…

Network Funding, L.P. NMLS #2297, NMLS #222026

Address: 610-B N Milwaukee Avenue , Libertyville, IL, 60048

Office: (262) 649-6805

Email Me



RSS 2.0 Feed for this blog