PHILADELPHIA (CBS) – A new rule for landlords means more paperwork at year’s end.
If you have a rental property and have work done on it be prepared to fill out the papers according to Nicholas Crocetti, director at CBIZ a local professional services company.
“They’re making a payment of $600 or more to any type of service provide. Like a plumber, a painter or the accountant, in fact, in the course of earning the rental income, they must issue a 1099 next year.”
That means you’ll need the painters name, address and social security number. If you can’t fill out the 1099 by yourself, you’ll have to pay your accountant to do the work. If you fail to fill out the forms for every person making more than $600 working on your property, you will be fined.
Reported by Lynne Adkins, KYW Newsradio