Tax Reporting Requirements for Landlords


With the introduction of the Small Business Jobs Act 2010, landlords will have to fle information returns usually in the form of an IRS Form 1099 – MISC when they pay any contractor more than $600 in a tax year starting from January 1, 2011. This applies to plumbers, landscapers, accountants or any service provider who are not incorporated with the exception of lawyers. This means payments to corporations, other than legal corporations and payments for goods such as appliances and furniture are exempt. A corresponding 1099 must also be sent to the service provider.

While the Small Business Jobs Act does provide additional tax breaks and credit, there is a section of the bill called ‘Reducing the Tax Gap’ in which the requirement of reporting expenses exceeding $600 to service providers is stated. Before this bill, only landlords actively involved in running their business in daily activities need fle 1099s but now even investor owners who have handed over the running of their businesses to managers, have to fle 1099s.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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