Some good news finally for landlords!
According to an article published in REALTOR Magazine, Households that find renters for a second property but aren’t in the business of real estate don’t have to send an IRS Form 1099 to vendors if the vendors do more than $600 worth of work in a year. Landlords have faced the 1099 reporting requirement for a while, and that requirement continues to apply to them, but last year the requirement was extended to households and entities that rent out property as a sideline but aren’t in the rental housing trade.
The National Association of Realtors (NAR) and others strongly opposed that expansion and succeeded in persuading lawmakers to repeal it, which Congress did.
The law was signed into effect in late April 2011. So now the requirement applies as it always has: just to those in the business of real estate.