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
    Offline

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

    Joined:
    Nov 17, 2009
    Messages:
    31,589
    Thanks Received:
    6,682
    Trophy Points:
    1,170
    Location:
    Las Vegas, Nevada
    Ratings:
    +17,460
    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.
     
    • Thank You! Thank You! x 1
  2. loosecannon
    Offline

    loosecannon Senior Member

    Joined:
    May 7, 2007
    Messages:
    4,888
    Thanks Received:
    263
    Trophy Points:
    48
    Ratings:
    +264
    1099 forms are used to track income and esp to create a record of otherwise unreported income.
     
    • Thank You! Thank You! x 1
  3. Bern80
    Offline

    Bern80 Gold Member

    Joined:
    Jan 9, 2004
    Messages:
    8,094
    Thanks Received:
    720
    Trophy Points:
    138
    Ratings:
    +726
    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
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    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
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    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....
     
    • Thank You! Thank You! x 1
  6. Zander
    Offline

    Zander Platinum Member

    Joined:
    Sep 10, 2009
    Messages:
    17,437
    Thanks Received:
    6,573
    Trophy Points:
    390
    Location:
    Los Angeles CA
    Ratings:
    +12,866
    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
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    Yep overturn it we need more holes for people to avoid paying income taxes.
     
  8. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    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
    Offline

    B. Kidd Gold Member

    Joined:
    Jun 15, 2010
    Messages:
    12,170
    Thanks Received:
    1,896
    Trophy Points:
    280
    Location:
    Western Lands
    Ratings:
    +6,824
    Pencil headed paper pushers multiplying like rabbits. (Does this qualify as 'haiku'?)
     
  10. Dont Taz Me Bro
    Offline

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

    Joined:
    Nov 17, 2009
    Messages:
    31,589
    Thanks Received:
    6,682
    Trophy Points:
    1,170
    Location:
    Las Vegas, Nevada
    Ratings:
    +17,460
    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.
     

Share This Page