Phoenix Metro Homes For Sale : June 2011

Landlords be Aware of the New 1099 Law

Landlords be aware of the new 1099 law...

Since the beginning of this year, Jan. 1, 2011, any person who receives rental income must provide a Form 1099 for all payments of $600 or more made to service providers.  The Form 1099 is provided to the IRS and to the service provider. The new requirement applies to both residential and commercial property.

Landlords will now be required to obtain certain information from their vendors/contractor, such as their name, address, and social security number or tax identification number.  You will also need to keep track of the amount of money that you pay the vendor/contractor over the course of the year.  If you pay them more than $600 within the tax year then you must reflect that income on a 1099.

Under this law, landlords will need to issue a 1099 to most all contractors/vendors regardless of whether they are a corporate entity or an individual.  This will include handymen, plumbers, carpet cleaners, electricians, painters, gardeners, landscapers, accountants, lawyers etc. etc.

Landlords need be aware of the new 1099 law

 

If you want to invest in homes in the Phoenix Metro area give us a call!

 

 

Brenda Cunningham

Brenda Cunningham, Realtor
Ron & Brenda Cunningham

WEST USA REALTY
1640 S Stapley  #124
Mesa, AZ  85204

Brenda  602.980.3133
Ron  602-499-0694  
Fax: 602.863.4623
www.CunninghamHomesAZ.com

*Recognized in the Phoenix Business Journal as One of The Top 50 Realtors in the Valley

 

 

 

 

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