There will be expanded IRS Form 1099 reporting for rental property owners starting with the year 2011. The Small Business Jobs Act of 2010 requires all individuals who own rental property to issue an IRS Form 1099 for payments relating to their rental properties.
Now, by definition, “a person receiving rental income from real estate shall be considered to be engaged in a trade or business of renting property.” A 1099-MISC form will be required if the property owner spends $600 or more per year per recipient. Examples of possible 1099-MISC recipients: gardeners, landscapers, pool cleaners, contractors and repair service providers.Thanks for visiting my online real estate resource. Let me know if you are ever in need of assistance with your real estate needs. Please bookmark this site and return often for future reference and access to trend-focused topics and ideas. Whether you are a first time buyer or an experienced investor, you will find useful information about how to choose the "right" property, making an offer, negotiating,financing, mortgage rates, moving, and everything involved in making an informed real estate decision in today's market.