Rental Property Owners New Tax Requirements

Courtesy of Brett Laine, CPA, MBA, Carpenter & Langford, P.C., 4407 Bee Caves Rd., Bldg. 6, Ste. 621, Austin, TX 78746, (512) 795-0300 ext 8916.  brett@carplang.com

Starting 1/1/2011 all rental property owners will be required to gather information required to file and report payments made to service providers of $600 or more for 2011.  These 1099 forms will be due 1/31/2012 for the 2011 tax year.

Be sure to gather W-9 information for any service provider you pay related to your rental property during 2011 so that you will have the information necessary to file Form 1099-Misc for 2011.

This is the current law as of today (12/16/10), if these requirements change Brett will provide an update.