Administration's new tax proposal
 

"HeyBub" wrote in message
m...
"Recipients of real estate rental income that make payments of $600 or
more to a service provider (such as a plumber or accountant) in the course
of earning rental income would be required to send an information return
(generally, Form 1099-MISC) to the IRS and to the service provider.

There will be a lot of contracts for $599

Administration's new tax proposal
 

On May 12, 9:07*pm, "Ed Pawlowski" wrote:
"HeyBub" wrote in message

m...

"Recipients of real estate rental income that make payments of $600 or
more to a service provider (such as a plumber or accountant) in the course
of earning rental income would be required to send an information return
(generally, Form 1099-MISC) to the IRS and to the service provider.

There will be a lot of contracts for $599

And those that aren't will be split into multiple jobs for $599 or
less.

Administration's new tax proposal
 

"akaSoetoro" wrote in message
.. .
BobR wrote:
On May 12, 9:07 pm, "Ed Pawlowski" wrote:
"HeyBub" wrote in message

m...

"Recipients of real estate rental income that make payments of $600 or
more to a service provider (such as a plumber or accountant) in the
course
of earning rental income would be required to send an information
return
(generally, Form 1099-MISC) to the IRS and to the service provider.
There will be a lot of contracts for $599

And those that aren't will be split into multiple jobs for $599 or
less.

when you 1099 someone it is for income in a year. doesn't matter what the
individual jobs cost.

Right, but Bob Smith charged me $500, Robert Smith charged me $500, Mary
Smith charged me $500. So many ways around this sort of thing it is silly.
The legitimate contractors, of course, will be filling out more paperwork at
the 1099's come in. Just an added step.