Landlords be Aware of the New 1099 Law

By
Real Estate Agent with West USA Realty

Landlords be aware of the new 1099 law...

Since the beginning of this year, Jan. 1, 2011, any person who receives rental income must provide a Form 1099 for all payments of $600 or more made to service providers.  The Form 1099 is provided to the IRS and to the service provider. The new requirement applies to both residential and commercial property.

Landlords will now be required to obtain certain information from their vendors/contractor, such as their name, address, and social security number or tax identification number.  You will also need to keep track of the amount of money that you pay the vendor/contractor over the course of the year.  If you pay them more than $600 within the tax year then you must reflect that income on a 1099.

Under this law, landlords will need to issue a 1099 to most all contractors/vendors regardless of whether they are a corporate entity or an individual.  This will include handymen, plumbers, carpet cleaners, electricians, painters, gardeners, landscapers, accountants, lawyers etc. etc.

Landlords need be aware of the new 1099 law

 

If you want to invest in homes in the Phoenix Metro area give us a call!

 

 

Posted by

Brenda Cunningham

Brenda Cunningham, Realtor
Ron & Brenda Cunningham

WEST USA REALTY
1640 S Stapley  #124
Mesa, AZ  85204

Brenda  602.980.3133
Ron  602-499-0694  
Fax: 602.863.4623
www.CunninghamHomesAZ.com

*Recognized in the Phoenix Business Journal as One of The Top 50 Realtors in the Valley

 

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Arizona
Groups:
Investors
Posts to Localism
Arizona Investor/ Realtor
Buyer Information - What Buyers Need to Know in Today's Market
Advice for Buyers
Tags:
realtor
investors
landlord
1099
phoenix metro
ron and brenda cunningham

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
149,847
Roseville Rental Properties - Homes & Condos For Rent in Roseville / Placer County, California (916) 408-5500
Roseville Rental Properties - Roseville, CA
Property Management and Tenant Placement Services

Good reminder, Brenda & Ron! Any landlord should have been aware of that law by January 1st of this year, and if they weren't, they have a lot of catching up to do now.

Jun 24, 2011 11:24 AM #1
Rainmaker
2,335,077
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Brenda & Ron - Thank you for the detailed quality information on the new law IRS 1099 form.

Jun 24, 2011 11:47 AM #2
Rainmaker
67,119
Brenda, Ron, Lee Cunningham & Tara Keator
West USA Realty - Phoenix, AZ
Realtors, Homes for Sale - Phoenix Metro

Roseville Rentals:  Totally agree!  Just posting a reminder just in case!

John - You're welcome.

 

Jun 24, 2011 12:00 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
67,119

Brenda, Ron, Lee Cunningham & Tara Keator

Realtors, Homes for Sale - Phoenix Metro
Ask me a question
*
*
*
*
Spam prevention