Additional 1099 IRS Reporting Requirement for 2011 – Landlords

November 15, 2010    Author: Hossein Tolooee     Category: Legal, News, Property Management, RE Taxation    No Comments

Additional 1099 Reporting Requirement for 2011 — Landlords
HR 5297 includes an expansion of the 1099 reporting related to a trade or business. Currently only the Property Managers are required to file Forms 1099 to reflect payments of $600 or more.

Congress has extended the Form 1099 requirement to any person who receives rental income. This requirement would apply to landlords  and investors in addition to those who are in the business of managing property.

Please see NAR Issue Brief

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