If you own ONE rental unit… from this year on, all vendors that perform at least $600 worth of work for you now, via Federal law, must be sent an IRS 1099 Form. The obligation to monitor the vendors and issue 1099 forms are not new, but last year, when the federal government enacted the Small Business Jobs Act of 2010 (HR 5297) extended this requirement to all owners, no matter how small. Even property owners who rent are just doing a secondary activity, perhaps as part of the family investment fund or retirement savings plan, are now considered to be ”conducting trade or business” to declare 1099 as it now applies to them.
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