Posted on Wednesday, March 16, 2011
The House Ways and Means Finance Committee held a markup to review various 1099 reporting issues. Included in the legislation that was ordered reported from the Committee was a bill that would repeal both the onerous 1099 reporting rules that were included in the Health Care legislation and the landlord reporting rules that affect all persons who receive rents. Senators offered numerous amendments unrelated to the pending bill. All were withdrawn after discussion, largely because they were non-germane to the bill at hand. Among the amendments was one offered by Senator Snowe (R-ME) that would have repealed the Form 1099 landlord reporting provisions that were enacted in 2010. Those rules are currently in effect. They require any person who receives rental income to report payments of $600 or more to those who provide goods and services.
NAR has strongly objected to landlord reporting as a trap for the little guy. NAR sent a letter to all Ways and Means Committee members urging repeal of the provision. The legislation repealing the two reporting provisions has not yet been scheduled for a House vote.
NATIONAL ASSOCIATION OF REALTORS