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Wednesday, September 29, 2010

New Reporting by Landlords

12:34 PM

Are you a landlord? Do you own rental property?

Starting with the 2011 tax year, you'll have to issue a 1099 to anyone to whom you paid $600, even a licensed business if it is not incorporated. This would include painters, landscapers, or other contractors. It gets worse in 2012, when corporations will be included, and purchases of materials could be as well.

The most current information has come out this week, as the Small Business Jobs Act of 2010 was signed by the President on September 27, 2010. Some accountants are saying that there may be a delay or a repeal to some provisions, so your best move is to consult your tax pro and watch this going forward.

The first link is a quick overview, and some details are in the second one.

http://taxes.about.com/b/2010/09/27/small-business-jobs-act-of-2010-expanded-1099-reporting-for-rental-property-owners.htm

http://taxes.about.com/od/businesstaxes/qt/1099-Misc-Reporting-for-Miscellaneous-Payments.htm

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