rental income: Receive Rental Income of $600+ a Year? New IRS 1099 Requirements for Landlords Affect You
- 01/02/11 10:05 AM
Starting in 2011, there are new tax requirements for landlords. All landlords who receive rental income of more than $600 a year from a tenant must file a Form 1099 information return for all income received and send a copy of the 1099 to the tenant. Landlords must also send a 1099 to all service providers who received payments of $600 or more during the year, such as plumbers, carpenters, yard services and repair people. The new requirement applies to owners of both residential and commercial property. The only exception to the new requirements occurs when an owner temporarily rents out … (3 comments)
Starting in 2011, there are new tax requirements for landlords. All landlords who receive rental income of more than $600 a year from a tenant must file a Form 1099 information return for all income received and send a copy of the 1099 to the tenant. Landlords must also send a 1099 to all service providers who received payments of $600 or more during the year, such as plumbers, carpenters, yard services and repair people.
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