1099 Requirement for Landlords Has Been Repealed

 

Congress this week passed legislation to repeal a provision in small business legislation enacted last year, and a similar provision in the health care reform law that imposed a requirement on landlords, including small landlords, to track any work done for them that totals $600.00 or more per year, and to send any vendors whose work reaches that amount, a Form 1099 so they can report the income to the federal government.

President Obama signed that legislation on April 14, 2011 so that law is now repealed.

When the aforementioned provision was included in the small business bill, REALTORS® were among the first to oppose it, helping Congress understand that the provision was an example of over-reach that unduly burdened small property owners.

President Obama pointed to this legislation as a rare example of agreement between not only Republicans, Democrats, and Independents, but also between the House and Senate.

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