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| Image: Filomena Scalise / FreeDigitalPhotos.net |
Starting in 2011 all landlords (yes, if you have a tenant that is you) will be required to send 1099s to all vendors the landlord pays more than $600 in the year. If you get paid rent then you are required to comply with this regulation.
Prior to this change this reporting requirement applied only to property managers. The change in the definition expanded who is considered as "engaged in a trade or business of renting property" to include "any person receiving rental income from real estate."
You can read more at Forbes web site.
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