1099 Landlord Reporting Law Repealed

| April 9, 2011 | 0 Comments

Important Information to Rental Property and Investment Property Owners

During 2010, new reporting requirements were added to the duties of investment property owners which would have required all investment property owners who paid over $600 to service providers to issue Form 1099 in 2011. Previously only real estate professionals engaged in property management type businesses had been required to  file Form 1099 to service providers. View previous post on January 21, 2011 on this.

Congress had extended the Form 1099 requirement to any person who receives rental income in that 2010 legislation. That requirement would have applied to any landlord(including a small investor), rather than only those who are in the business of managing property. Yes, it would have been time consuming for all rental property owners.

The GOOD NEWS! Congress this week passed legislation to repeal that provision in the small business legislation enacted last year!

As an income property owner I am happy that law was repealed and I thank the National Association of REALTORS for their efforts!

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About the Author:

David Fialk The above article was written by David Fialk, REALTOR, Broker Salesperson, Coldwell Banker Residential Brokerage, Iselin, New Jersey and regularly posts real estate articles of interest for home buyers, home sellers and home owners. David can be reached via email or by phone at 732-283-3400 or at www.DavidFialk.com. Licensed since 1971, David has helped over 1800 families move across town, across the state and across the country and specializes in the towns of Iselin, Colonia, Edison, Woodbridge, Avenel, Fords, Sewaren, Port Reading, Keasbey, Carteret and Metuchen in Middlesex County, New Jersey. Planning on purchasing real estate? Thinking of selling your home? For real estate information ”You Can Rely On, Contact the REALTOR You Can Rely On”.