[justlurking]

we already have to be prepared to document every expenditure on the property to claim it as an expense

The purpose of this 1099 is not to document your expense. It's to document the income for the person/business that you paid.

The IRS is going to match these 1099's against the income that is reported -- just like they do with W-2's.

[silverleaf]

LOL! Most of my big expenses are with Home Depot-

hope the IRS has fun crosschecking their accounts

but seriously I guess this makes all landlords full time business people and we dont have to worry anymore about proving we are fulltime real estate professioanls or about “passive income” rules