NAR Posts

Tuesday, May 24, 2011

Reporting for Landlords Eased

Households that find renters for a second property but aren't in the business of real estate no longer have to send an IRS form 1099 to vendors if the vendors do more than $600 worth of work in a year!  That means that our Owners in Angel Fire who are not real estate agents, no longer have to worry about extra paperwork during tax time.  Owners of Vacation Rentals in Angel Fire are now exempt...again!

President Obama signed the repeal  into law in late April.  So, now the requirement applies as it always has: just to those in the business of real estate!

No comments:

Post a Comment