The National Association of Realtors recently released a document stating that landlords will have to issue 1099’s to tenants who pay them over $600 in rent. THIS IS NOT TRUE.
The article was corrected later, but the damage may have already been done. Several newspapers picked up the uncorrected story, and our office received calls from landlords worried about this reporting requirement.
No landlord has to report rents received to renters on 1099’s.
For 2011, the new law is that landlords who receive over $600 in rental income are required to provide 1099’s to unincorporated service providers who the landlords pay over $600 to for services during 2011.
For more questions concerning this issue contact kelly.phillips@bellandcompany.net or call 501.753.9700.
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