Not satisfied with the 1099 provision in ObozoCare, which requires a neatly-completed (no mistakes, no white-out, no erasures!!!) 1099-Misc. to be issued by any business entity for purchases exceeding $600./year, such as printer paper, envelopes, website-maintenance, etc., the Congress of the United States has determined that rental-property owners should do the same!!
...rental income recipients making payments of $600 or more to a service provider in the course of earning rental income are required to provide an information return (typically, Form 1099-MISC, Miscellaneous Income) to the IRS and to the service provider. This provision will apply to payments made after Dec. 31, 2010, and will cover, for example, payments made to plumbers, painters or accountants in the course of earning the rental income. --Journal of Accountancy, quoted by the Examiner.
Here is a clear-eyed view of Congress from a rental-property owner:
"Clearly, those bozos need to drink a big gulp of common sense."
Personally, I had a more permanent drinkable-remedy in mind: Socrates-juice.
I'm a rental property owner and I won't be doing that.
ReplyDeleteI'll let you know at the end of the year if the IRS busts my b__ls. Most likely it'll just get repealed by then anyway.
I hear Sandstone's nice during the summer, Struppster!
ReplyDeleteIt is... on the outside at least.
ReplyDelete