By Lauri Kent, Texas Realtor

 BY LAURI KENT, TEXAS REALTOR

Welcome to the blog about home value, home selling, and all the political and financial winds that blow that can affect the biggest and best investment of your family.

Our mission is to post useful information we find that can help you sell your home, or make sure it maintains its value, through tough economic years.

Tuesday, November 23, 2010

Renters: Grab A Stack Of 1099 Forms. Come January 1st You'll Be Needing Them

"Honestly, it's an outrageous burden for rental owners."

That's from Tom Schatz, president of the watchdog group Citizens Against Government Waste. This is the second thing he said after hearing about this burdensome requirement that really sticks it to home renters in The Small Business Lending Fund Act, which passed last September 18th. It stipulates that rental property owners must issue 1099 forms to any work done on their homes over $600. What was the first thing Tom Schatz said? "You've got to be kidding me!" No, we aren't kidding. It takes effect on January 1, 2011.


So, if you are a renter and need a plumber to fix a sink at your rental property,  Get ready to deal with more than plumber prices - get ready to deal with the Internal Revenue Service.


To read about this in-depth, go to Lake Conroe Realty Now with Lauri Kent Financial News where we have the whole article regarding this issue.

No comments:

Post a Comment