Uncover a new 2010 tax hassle
Uncle Sam has a new hassle for tax reporting for veterinarians who own rental property.
To help offset the costs of the new tax bill that gives new tax breaks and deductions, the government has also enacted some revenue raisers like the one below, so be aware.
If you own rental properties and purchase services for the rental property exceeding $600 after Dec. 31, 2010, you’ll need to file information returns with the IRS and service providers. For example, if you pay the landscaper, plumber, or cleaning service more than $600, you must issue a 1099. In addition, there are increased and enhanced penalties for failure to file an information return in a timely fashion or failure to furnish a payee statement.
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