EXIT Realty Foothills Reports on New Federal Law

FOR IMMEDIATE RELEASE

Contact:
Jessie Eide
Realtor
EXIT Realty Foothills
909.593.0502
admin@ourexitteam.com

EXIT Realty Foothills Reports on New Federal Law

New Federal Law for Landlords

La Verne, CA (Grassroots Newswire) 11/20/2011 --A new law went into effect January 1, 2011, and it will affect any person who receives rental income. Under one condition of the new federal law, Section 2101(h) of H.R. 5297 (Small Business Jobs and Credit Act of 2010) any person who receives rental income must provide an IRS Form 1099 for all collective annual payments of $600 or more made to a service provider such as plumber, carpenter, gardener, or handyman. The new law does apply to both residential and commercial properties.

How is this different? In previous years only licensed real estate agents operating property management were required to file 1099, not property owners. Congress has extended this requirement to "a person receiving rental income from real estate."

For more information about EXIT Realty Foothills, please call 909.593.0502. EXIT Realty Foothills is located at 1339 Foothill Blvd, La Verne CA 91750.

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