Effective January 1, 2011, with certain exceptions, taxpayers receiving income from rental real estate are considered to be in the trade or business of renting property, and subject to the same information reporting requirements as taxpayers in other trades or businesses. That is, if an owner of rental property makes annual payments related to their rental properties of at least $600 to a service provider (such as a plumber, electrician, accountant, etc.) during the tax year, the owner must file an information return with IRS and with the service provider. Typically, the payments will be reported on Form 1099-MISC. Click below to read the full article.
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