DIY Landlords are Getting INCORRECT Information on 1099 Reporting Requirements

By
Property Manager with Gibson Management Group, Ltd.

I monitor several landlord websites and it is interesting that many DIY landlords are NOT getting the correct information ont he REPEAL of the 1099 reporting requirement in Obamacare.  The accounting firm JK Harris & Company gives a great review of what WAS * WAS and NOW IS.

The small business voters when they learned about the requirement for providing ANYONE that they paid more than $600 to in one year a 1099 form  * gathering tax id#s, finding their filing status * revolted and there was much discussion about repealing THIS portion of the health care law.

Currently and in the past, real estate brokers and corporations were EXEMPT from this requirement under the IRS reporting regulations.

In April of this year, the 1099 reporting requirement under The Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010 was repealed.  This is the portion of the health care law that would be administered by Health and Human Services - NOT the IRS.

Repeal of 1099-MISC Reporting


As is outlined in JK Harris' information, the OLDER/FORMER requirement for the provision of a 1099 to anyone you pay over $600 to in one year for specific work is still in effect and I am already getting invitations from NEBS to do my 1099 ordering EARLY!

http://www.jkharris.com/tax-resolution-blog/1099-reporting-requirements-repealed-in-april-2011/

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Joe Jackson 10/29/2011 09:23 AM
Topic:
ActiveRain Community
Location:
Virginia Albemarle County Charlottesville
Groups:
Politics And Real Estate
Investing in Real Estate
Property Management
Landlord Issues
Silent Majority
Tags:
property management
homes for rent
charlottesville
homes for lease
rental property leasing
landlordwhisperer

Spam prevention
Show All Comments
Rainmaker
3,983,763
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Our accountant was just telling us about this.  He was checking to make sure we were doing it right.

Oct 29, 2011 03:12 AM #1
Rainer
205,520
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h

Wallace, another good point.  It does add a task to our routine but we have been gathering 1099's for a while now because it's just one of those law changes that property managers have to stay on top of.

Oct 29, 2011 06:51 AM #2
Rainmaker
830,417
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

Featured - This post is now featured in Silent Majority Group of Active Rain!

Oct 29, 2011 08:51 AM #3
Rainmaker
1,240,846
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

The IRS real estate broker AND corporate EXEMPTIONS are still in place - Obamacare stipulation removed them so that everybody got one!

Oct 29, 2011 11:14 AM #4
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
1,240,846

Wallace S. Gibson, CPM

LandlordWhisperer
Ask me a question
*
*
*
*
Spam prevention

Additional Information