Onerous 1099 law repealed!

Services for Real Estate Pros with Empire Pass Real Estate, a marketing group of Keller William

Property owners who rent their properties will no longer have to file IRS form 1099 for anyone to whom they have paid more than $600.

This law required anyone who rented their property to track the work done on the property throughout the year and file a 1099 for anyone who was paid more than $600. It was decided, by both Republicans and Democrats, that this requirement was onerous and caused far too much paperwork and filing.

So, back to business as usual, which is great news for real estate investors and the Realtors that help them.


Comments (3)

Scott Fogleman
New Home Team 804-573-9592 - Richmond, VA
Greater Good Group

Wow, this is great! Really cuts down on the paperwork for property managers.

Apr 14, 2011 07:14 AM
Robin Dampier REALTORĀ®
Coldwell Banker King - Hendersonville, NC
Hendersonville & Western NC Real Estate Source

Geeze, what a pain that bit of political legislation had to be!  That's a beautiful horse you are astride in your picture.

Sue of Robin and Sue

Apr 14, 2011 07:31 AM
James Loftis - West Palm Beach, FL

Good Information to know.

Apr 14, 2011 07:59 AM