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The Small Business Jobs Act mandated that individuals receiving rental income from real estate property must file Form 1099 to each service provider to whom they pay more than $600 for the year. This law is effective starting January 1, 2011, for forms that will be filed in January 2012.
Owners of rental property must keep adequate records of payments starting in 2011. They will also need to use Form W-9 to obtain the name, address, and taxpayer identification number of each service provider. Please call our office if you would like more information or if you require assistance. |
