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Tax Time is Approaching – Important Reminders for Marin Rental Home Owners from the CAA

Owning a home for rent in Marin is a business - many new landlords do not initially think of it that way.  But we think it's important that you do.  Not only is it important to make the right budgeting and hiring decisions like any business, but it's important to stay on top of your tax responsibilties for your new "business" as well. 

The CAA (California Apartment Association) writes, "As a provision of the Small Business Jobs Act passed by Congress, rental income is now in the same tax category as a business or trade. As a result, recipients of rental income who make payments of $600 or more to a service provider (such as a plumber, painter, electrician) are now required to file a Form 1099-MISC with the Internal Revenue Service (IRS) and with the service provider for all payments made beginning January 1, 2011."

Read the complete article here from the CAA.

New Year's Resolution on our end: this will be the year we file ON TIME for taxes!  Real estate agents operate as independent contractors, which puts us usually squarely in the tax category of "extension".  However, this year my husband (and broker) Christopher and I vow to be ready by April 15th!  (And yes, we will be filing all our needed Form 1099-MISC, too.)

Let's enjoy this winter sunshine while it lasts!  My team and I specialize in leasing homes for rent in Marin and we welcome inquiries anytime: (415) 507-9600. 

Darcy Alkus Barrow

Owner/Agent

Foundation Rentals and Relocation

 

January 20, 2011 03:21 by Darcy
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