1099s are for Landlords too!
Under the new tax law, small business owners can get up to a 20% deduction on their net business income. The great news is that this also includes landlords with rental properties! But, the catch is that you have to treat your rental like it’s a business. You need to have a separate bank account, keep separate records for your rental, and you need to issue 1099s from your rental property. 1099s are required to be issued to any non-corporate entity (or attorney) that you pay $600 or more in the year for rent or for services by cash or by check. Make sure that you get a W-9 from your vendors so that you can properly complete the 1099 in January! As always, please give our office a call if you have further questions. If you are not a client, we can setup an initial one hour consultation to see how we can help!