boston-real-estate-taxes

Are you a landlord? Do you maybe own an investment property, or a summer place that you rent to others, or perhaps you could not sell your last house so you are renting it instead? Well, you’re really going to hate this one:

Recipients of real estate rental income that make payments of $600 or more to a service provider (such as a plumber or accountant) in the course of earning rental income would be required to send an information return (generally, Form 1099-MISC) to the IRS and to the service provider. Exceptions would be made for particularly burdensome situations, such as for taxpayers (including members of the military) who rent their principal residence on a temporary basis, or for those who receive only small amounts of rental income. The proposal would be effective for tax years beginning after December 31, 2009, and would raise about $3 billion through 2019.

Source: Real Estate TigerHawk

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