In an effort to close some large tax loopholes in 2010, a provision was created that would have required all persons who receive rental income in 2011 to track and send 1099 forms to everyone that they did business with and paid over $600.00 for goods and services.
For small landlords that may rent part of their home out, have a 2 or 3 unit home property, or even vacation home owners that rent out their property for a few weeks a year, this requirement would have been a onerous paperwork nightmare and would have required many to have to hire a professional accountant or tax preparer to deal with all of the required paperwork.
The National Association of REALTORS, along with other organizations and small-landlords, were able to convince Congress and the President that this level of paper-pushing was not going to have any demonstrable benefit and if anything, would be counter-productive to small, non-professional landlords. Thankfully, the law was repealed today and the requirement is no longer in effect.
Gary Dwyer, CRS, GRI, ABR, REALTOR
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