Rental Income From Real Property to file 1099s with the IRS

Small Business Jobs Act enacts new provision: 1099s will be required for 2011 payments

The recently enacted Small Business Jobs Act includes a provision related to reporting requirements of rental property expense payments. After Dec. 31, 2010, the new law requires those who receive rental income from real property to file 1099s with the IRS for service providers such as plumbers, painters and accountants, who receive more than $600 in payments over the course of the year. Even though the 1099 forms will not need to be issued until early in 2012, it will be necessary to begin keeping track of payment information on Jan. 1, 2011, and to collect completed w-9 forms from service providers to obtain their names, addresses and taxpayer identification numbers.   Exceptions are provided for individuals renting their principal residences (including active members of the military), taxpayers whose rental income doesn’t exceed an IRS-determined minimal amount, and those for whom the reporting requirement would create a hardship (under IRS regulations).

Included in the provision is an increase in penalties for failure to file 1099s with the IRS. For further information, contact your tax accountant

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About JohnMoran

John Moran is the Team Leader of Keller Williams Realty’s award winning At The Beach Team and a Resort Property Listing Specialist servicing the Destin / South Walton County communities. Call or text John today at 850-217-7618 for more information about real estate at the Beach or email JohnMoran@AtTheBeachTeam.com

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