New law creates big tax headache for rental property owners

Discussion in 'Economy' started by Dont Taz Me Bro, Jan 5, 2011.

  1. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Well isn’t this just dandy. I have owned rental property in the past and I happen to be in the process of acquiring a new one at this very moment. What possible service could this reporting requirement serve? How could this benefit anyone other than bureaucrats in D.C. who need a job? This does nothing at all other than burden small business owners and rental property owners with excess paperwork and regulation that seemingly do nothing. This is the kind of inanity that I want to see the new Republican House tackle and rid us of.
     
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  2. loosecannon
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    loosecannon Senior Member

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    1099 forms are used to track income and esp to create a record of otherwise unreported income.
     
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  3. Bern80
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    Bern80 Gold Member

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    Frustrating as all hell. If government really wants this country to be prosperous than they need to quit making it so damn much of headache to make money.
     
  4. Oddball
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    Oddball BANNED Supporting Member

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    This will just mean more people operating rental properties off the books.

    Rand was right...Everything that isn't illegal is being made mandated.
     
  5. uscitizen
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    uscitizen Senior Member

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    Yep I heard the same whine the other day at the country store. Apparently most of the rental property owners in my area do not report much of their rental income for taxes.

    They do not seem to report hiring illegal immigrants either....
     
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  6. Zander
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    Zander Platinum Member

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    The Republicans in the House should overturn this POS. It will send a strong message that they are serious about tax reform. Of course that is just a start.....
     
  7. uscitizen
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    uscitizen Senior Member

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    Yep overturn it we need more holes for people to avoid paying income taxes.
     
  8. Oddball
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    Oddball BANNED Supporting Member

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    Failing to declare income isn't tax avoidance...It's tax evasion.

    There little to no evidence that renters not declaring their rental income is widespread...This is just another shameless expansion of bureaucracy.
     
  9. B. Kidd
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    B. Kidd Gold Member

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    Pencil headed paper pushers multiplying like rabbits. (Does this qualify as 'haiku'?)
     
  10. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    I've always reported my rental income. What they want is for me to bear the burden in forcing other people to report their's, which is not my problem. It's another obstacle in growing and bringing more businesses to this country.
     

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