Win: $600 1099 landlord reporting law repealed

Congress passed legislation last week that repeals a provision in the small business legislation enacted last year that requires landlords to report any work done on investment properties totaling $600 or more, and to provide 1099 forms to vendors that provided the services.

Realtors® fought against this provision, arguing that the amount of paperwork generated would be onerous to landlords and any real estate practitioners employed by landlords. Lawmakers finally agreed that the provision was an example of overreach by Congress that was not intended to burden small property owners and managers.

Even President Obama agreed back in November of 2010, “It just involves too much paperwork, too much filing.”

 

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One Response to Win: $600 1099 landlord reporting law repealed

  1. Wallace S. Gibson CPM says:

    CAVEAT! this reporting under OBAMAcare has been repealed; however, the long standing IRS requirement has NOT been repealed so that requirement is still in effect for payments over $600 annually to non-corporate payees.

    Also, property managers and brokers who get questioned from their clients about their being sent a 1099 – even if they are NOT a corproration, real estate brokers are still exempt.

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