[bbernard]

Here is another reason the US needs 16,000 more IRS agents....

[AU72]

Hopey Changey Ping

[Red Badger]

They should call this the SLUM CREATION ACT of 2010....................

[mainsail that]

It’s income no?

[keepitreal]

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.

[HiTech RedNeck]

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.

[PeterPrinciple]

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.

[Buckeye McFrog]

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.

[null and void]

ping

[Envisioning]

...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????

[silverleaf]

“Section 2101 of the bill accomplishes this by considering anyone receiving rental income as “engaged in a trade or business.”

actually, that’s an improvement over us evil landlords receiving “unearned income”

but I don’t get this - we already have to be prepared to document every expenditure on the property to claim it as an expense

[PeterPrinciple]

In reality, the 1099’s reduce revenue. You only have to file a 1099 if you pay as a business expense. If I pay the plumbler to fix my business office I file a 1099. If I pay the plumber to fix the toilet in my house I don’t.

I do a return for a carpenter, and he gives me the 1099’s he receives but I know he does as much work for private individuals. The govt only knows about the 1099’s so that is the income reported...............

STUPID GOVERNMENT!

[CPT Clay]

I will not comply

[Lets Be Frank]

So we haven't been able to sell our house..we have been thinking of renting it out. It has sat empty for a year. But now if we rent it out...there the income will not only be taxed as income, but an additional tax for health care? Do I understand that right or am I completely confused?

[SandRat]

So with my 84 year old Father since he’s moved into a retirement assisted living complex and is renting his house to my Daughter for $900 a month, now has to fill out and file a 1099?

Those sorry DemonRATS!

[Revel]

The original requirement for this ridiculous bill required that total income of the taxpayer exceed $200,000. Does anyone know if this is still the case?

[RikaStrom]

joy

[Jack Hydrazine]

Time to get those 1099 confession forms all warmed up for engaging in the war crime free enterprise capitalism.

[CodeToad]

We simply need to abolish the federal government. It has overgrown its purpose and usefulness.

[mo]

they’re not doon’ it raht....what part of RE PEAL do they NOT understand about this provision....

[phockthis]

JURY NULLIFICATION