Do you own a rental property…..if so, a new law pertains to you. Effective for the 2011 tax year, the IRS requires you to issue a 1099 form to the handyman and other vendors. Starting this year you must track vendors doing at least $600 worth of work for you and issue an IRS 1099. This requirement isn’t new; larger rental property owners already do it. However, last year the Small Business Jobs Act of 2010 expanded the requirement to all property owners who are doing rentals as a sideline. For more information click here.
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