V. Blair Hart CPA, MBA, President, AMMRE Inc.
Blair Hart is one of the nations leading experts in residential property management. She has led AMMRE, Inc,.one of the most established and largest residential property management firms in the Albuquerque Metro Area for over fifteen years.
Blair Hart is one of the nations leading experts in residential property management. She has led AMMRE, Inc,.one of the most established and largest residential property management firms in the Albuquerque Metro Area for over fifteen years.
Recent blog posts
- Renting – The Albuquerque and Rio Rancho American Dream
- New Tenant Screening Requirements take effect July 21, 2011
- Who said congress never accomplishes anything?
- Up your (bleep)………. Rents of Course
- Tax Q and A for Landlords
- Good News/Bad News You Choose
- Blair’s State of the 1099 Address:
- 2010 Tax tips
- Attention Landlords! The IRS Has Something New, Just For You
- How Important Is A Credit Score When Looking For A Rental Home?
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Who said congress never accomplishes anything?
Fortunately for landlords, Congress decided to spend time repealing a new law they had just spent time passing. On Thursday, April 14th, President Obama signed H.R. 4 into law, officially repealing the new onerous paperwork 1099 requirements on small businesses and landlords. This legislation will be retroactive to December 31, 2010, essentially putting businesses and landlords in the position that the new 1099 reporting requirements never occurred.
The following is a short background on the law.
The IRS recommend to congress that they tuck into the Small Business Jobs Act enacted in September 2010 a provision that expanded Form 1099 reporting requirements to include independent landlords as of Jan. 1, 2011. This 1099 reporting requirement for landlords was aimed at the underreported earnings of some housekeepers, grounds keepers, handymen, etc. who work on rental properties. The law placed an onerous paperwork burden on small landlords out of proportion to the captured unreported income.
Personally, I favor a national sales tax instead of individual income taxes to solve the unreported income problem. Naturally, there should be an exemption for subsistence items such as food, medicine, and single-family home rental income. I never met a true miser and believe people spend their unreported income on “stuff”. Two birds solved with one stone: the national debt and the underground economy. It sounds so simple it must be impossible. Fortunately, my expertise is managing income properties not national economies and I need to step off my soapbox and get back to work.
