Owners of rental property will soon face tough new tax reporting requirements and stiff penalties for not doing so. The federal law that goes into effect January 1 applies equally to landlords of multiple units, investors with a handful of properties and individuals who own a vacation home that they rent out for part of the year.
“This is going to create a lot of chaos,” Thomas Hood, president of the Maryland Association of CPAs, said of section 2101 of the Small Business Jobs Act of 2010.
For the first time, the Internal Revenue Service is treating rental property as a trade or a business for Form 1099 reporting purposes, said Steve Wiseman, a CPA, which means that starting in the new year, Marylanders will have to keep records of any service to rental property that amounts to $600 or more per service-provider during the course of the year.
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2 comments:
Its all about getting access to more of our money
Democrats blocked repeal of this ornerous 1099 crap last month. Ironic how the people that don't pay taxes control those of us that do by voting for Obama and the Democrat Socialist of America administration. When all those renters get reparations AKA Pigford lawsuit fraud do they have to file 1099's?
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