1099 reporting for rental-property owners in 2011

The Small Business Jobs Act created a reporting requirement for individuals who receive income from rental real estate. Starting in 2012, they will have to provide 1099s to any service provider to whom they pay more than $600 during the year. This means that starting Jan. 1, rental property owners should start keeping records of payments and collecting Form W-9 information.

David Bradsher, CPA