Landlord Quick Tip
Tip #83: New Recordkeeping Requirement
The Small Business Jobs Act that was passed at the end of September includes a new tax reporting provision for landlords.
That means landlords will need to ask for tax ID info, store the names and addresses of each contractor, and track the total expenditures made to each person. A W-9 form can be used to collect tax identification numbers.
The new rules go into effect the first of the year.
There will be some exemptions in cases where a landlord’s rental income is nominal, or where this requirement creates a hardship.
Penalties for failure to comply can reach $250 per 1099, so talk to your accountant to find out more – and keep track of what they charge you.
See last weeks Landlord Quick Tip.
American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
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