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Senate Expands IRS Form 1099 Reporting Requirement to Include All Rental Property Owners
CNSNEWS.COM ^
| 9/28/2010
| Chris Neefus
Posted on 09/30/2010 12:46:14 PM PDT by bbernard
(CNSNews.com) Millions of Americans who own rental property are in for a bit of a rude awakening, beginning in January.
Congress has presented a bill to President Obama that would expand the IRS Form 1099 reporting requirements set out in the health-care reform law to include private citizens who own rental property.
The Patient Protection and Affordable Care Act, President Obamas health care law, requires that small businesses file a Form 1099-MISC with the IRS for any goods they purchase from an outside vendor valued at over $600.
But the new bill, the Small Business Jobs and Credit Act (H.R. 5297), extends the mandate to private individuals who own property from which they receive rental income. Those people would also now have to fill out paperwork reporting any expenditure they make on that property valued over $600 for the year.
Section 2101 of the bill accomplishes this by considering anyone receiving rental income as engaged in a trade or business.
(Excerpt) Read more at cnsnews.com ...
TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: 1099
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Here is another reason the US needs 16,000 more IRS agents....
1
posted on
09/30/2010 12:46:18 PM PDT
by
bbernard
To: bbernard
2
posted on
09/30/2010 12:48:37 PM PDT
by
AU72
To: bbernard
They should call this the SLUM CREATION ACT of 2010....................
3
posted on
09/30/2010 12:49:01 PM PDT
by
Red Badger
(No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
To: bbernard
4
posted on
09/30/2010 12:49:17 PM PDT
by
mainsail that
('Sed quis custodiet ipsos custodes')
To: bbernard
Another you will know what is in it when you pass it moment.
So now I’ll have to 1099 the mortgage and water companies. Doing my taxes is already a nightmare.
5
posted on
09/30/2010 12:50:21 PM PDT
by
keepitreal
( Good manners never go out of style)
To: bbernard
Hey we have pre-crime now, why not pre-audits of taxes?
The stuff that Uncle Sham wants is the same that the rental owner would used to substantiate tax deductions on the rental if audited, but now it has to be reported up front.
6
posted on
09/30/2010 12:51:17 PM PDT
by
HiTech RedNeck
(I am in America but not of America (per bible: am in the world but not of it))
To: mainsail that
If they wanted to get to the income, they should have the tenants fill out 1099s. This way landlords are sending 1099s to Home Depot, the utility company and the mortgage company. This is ridiculous.
7
posted on
09/30/2010 12:52:20 PM PDT
by
keepitreal
( Good manners never go out of style)
To: bbernard
There is one exception to this rule. If you pay by credit card, you will not have to complete a 1099.
In the health care bill, all your credit card transactions will be reported to the federal govt. The federal govt will share this with the states and you will all receive an itemized listing of all the out of state purchases you made and a bill for the use/sales tax you didn’t pay................................... I suspect you will be billed for use tax for you contribution to FR.
States have been wanting this information for a long time, now they got it and you get a bill.
8
posted on
09/30/2010 12:52:30 PM PDT
by
PeterPrinciple
( Seeking the truth here folks.)
To: bbernard
I say bury the IRS in a bilzzard of so may friggin’ 1099’s that they can’t see the front door and crash the system, a la Cloward-Piven.
To: Shimmer1
10
posted on
09/30/2010 12:53:33 PM PDT
by
null and void
(We are now in day 618 of our national holiday from reality. - 0bama really isn't one of US.)
To: keepitreal
Is this retro to 2010 taxes or going forward to 2011 taxes?
11
posted on
09/30/2010 12:53:37 PM PDT
by
tndarlin
(If only the VRWC had ACORN, SOROS, SEIU, TIDES .....)
To: keepitreal
Wait - I have to 1099 the City of Norflolk?
Bizarro world.
12
posted on
09/30/2010 12:53:48 PM PDT
by
patton
(Obama has replaced "Res Publica" with "Quod licet Jovi non licet bovi.")
To: keepitreal
Ooooo, I thought they had to report the income, not send 1099 forms to Home depot :)
That’s insane. I read that purchases made by CC or check will not trigger the requirement, or that a such change was being considered.
13
posted on
09/30/2010 12:55:15 PM PDT
by
mainsail that
('Sed quis custodiet ipsos custodes')
To: tndarlin
Retrotaxes would violate the Constitutional stricture against ex post facto laws...
14
posted on
09/30/2010 12:55:33 PM PDT
by
null and void
(We are now in day 618 of our national holiday from reality. - 0bama really isn't one of US.)
To: keepitreal
They really despise independent minded people, now don’t they?
Communist Manifesto plank #1:
1. Abolition of private property and the application of all rents of land to public purposes.
15
posted on
09/30/2010 12:57:28 PM PDT
by
MrB
(The difference between a (de)humanist and a Satanist is that the latter knows who he's working for.)
To: Buckeye McFrog
I say bury the IRS in a bilzzard of so may friggin 1099s that they cant see the front door and crash the system, a la Cloward-Piven.
They increased the penalty for not filing or filing incorrectly. They don't care if they use the data, they are not using the current 1099’s well. We are all targets, just waiting to see which one they want to shoot at.
Companies are already proposing that they have a data base for you to compare your information so as to avoid penalties for incorrect data. Business identity theft coming your way......................
16
posted on
09/30/2010 12:57:41 PM PDT
by
PeterPrinciple
( Seeking the truth here folks.)
To: null and void
17
posted on
09/30/2010 12:58:35 PM PDT
by
MrB
(The difference between a (de)humanist and a Satanist is that the latter knows who he's working for.)
To: null and void
Retrotaxes would violate the Constitutional stricture against ex post facto laws...
wrong, been done in the past under Clinton.
18
posted on
09/30/2010 12:59:03 PM PDT
by
PeterPrinciple
( Seeking the truth here folks.)
To: bbernard
...from the article...
So imagine that you're renting out your starter condo. You pay a property manager, a plumber, a repairman, a locksmith, a condo association, etc. Imagine having to get a taxpayer identification number, order 1099-MISCs from the IRS, fill them out by hand, keep a copy for yourself, send a copy to each payee (from whom you had to get a tax ID number and other information), and then finally take your legitimate rental deduction. This is b*llshit!
Is it time yet????
19
posted on
09/30/2010 1:00:00 PM PDT
by
Envisioning
(Call me a racist,........one more time.....)
To: null and void
Retrotaxes would violate the Constitutional stricture against ex post facto lawsHas that stopped anyone in DC before??
20
posted on
09/30/2010 1:00:05 PM PDT
by
tndarlin
(If only the VRWC had ACORN, SOROS, SEIU, TIDES .....)
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