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Video instructions and help with filling out and completing Sale of rental property irs publication 544
Instructions and Help about Sale of rental property irs publication 544
Hello everybody call your sweater in Birmingham Alabama hope everybody's having an awesome day wanted to speak specifically today to our investor friends folks that are investing in real estate whether you be a owner of one or two properties or whether you have a lot of them and you have a managed by property management company or you may have a property management company yourself and the IRS came out with new law that really does affect every one of you and it's something that we haven't had to do especially the folks that have one or two rental properties haven't been real good at or just didn't do it and that's issuing 1099 to people that have done over $600 worth of work on the property whether in any shape form fashion they don't care anymore if someone has done over $600 worth of work in a given calendar year to your rental property in other words you've had somebody do six hundred dollars worth of maintenance they need to get a 1099 at the end of every year if they if someone has done you can imagine anything if they've done $600 worth of pest control treatment you need to give them a 1099 and this is a change they really weren't targeting if you will targeting by law the 1099 requirement for the mom and pops you and me that have one property but now they will and you know where they're gonna get that information is when you have to put it on your schedule II I guess rental property or you know you have a partnership return and then you're showing all these expenses and you show $8,000 for a particular expense yet you don't they don't see any 1099 matching up with that expense in the computer and you know how they are right now they're really going after to try to find ways to make up income dude of everything that's going on in the world right now but the deficit that is so but pay particular attention to making sure you issue a 1099 because there are penalties if you don't do it and there are ways that they will at least attempt to match those up through your tax return and even if you know it's 600 601 and you didn't do it your subject subjecting yourself to a penalty so be very cognizant that know that if you have rental property it simply applies to you there's no well it may not apply to me they've now said it applies to you if you got questions on this email me call you're at mega agent real estate calm have an awesome day.