New 1099 Reporting for owners of Rental prop

[veritas]

I like the credit card

transaction reporting requirement.

It's going to take the fun out of Ebay for a lot of folks.

[JG EA]

http://www.irs.gov/instructions/i1099gi/ar01.html#d0e21

New reporting requirement for rental property expense payments. If you receive rental income from real estate, you may be required to report payments you made for rental property expenses. You will use Form 1099-MISC, Miscellaneous Income, to report these payments. For more details including exceptions, see the Instructions for Form 1099-MISC and www.irs.gov/form1099misc.

Then it links you to 2011 instructions which are for 1099 misc, business (and rental because of calling rental prop trade or busiiness property.)

Looks like most is the same as we are used to. For instance an exception is

Payments for merchandise, telegrams, telephone, freight, storage, and similar items;

[ttbtaxes]

I thought the Credit Card reporting was going to be repealed, (1099 K) well maybe it hasn't passed yet. This is just one of the many confusions that is going to take place with this whole 1099 MISC issue starting with year 2011 reporting in 2012

Grrrr!!!!!!!

Sandy

The repeal efforts that most of us have heard about is to overturn is the 2012 requirement that all payments >$600 be reported on a 1099. That includes goods and services and corporations too. This provision was in ObamaCare.

There is also an effort afoot to repeal the rental 1099 requirement which effect 2011. It pales in comparison to the staggering impact that the 2012 1099 requirement will have on every business in America.