NAR Call for Action: Prevent New Tax Burdens on Real EstatePosted by Gary Ashton: RE/MAX on Tuesday, May 18th, 2010 at 3:29pm.
Congress is considering several changes to the federal tax code that would have a negative impact on the real estate industry and further delay its recovery.
The first would require owners of rental property to file IRS 1099 forms for all contractors they pay $600 or more within a given year. This provision would apply to all landlords and investors, regardless of the number of rental properties owned.
In addition, Congress is considering taxing "carried interest" at ordinary income rates instead of capital gains. Carried interest rules govern how general partners in real estate investments pay taxes after an investment is sold.
Click HERE for information about the impact of these proposed changes.
Source: Williamson County Association of Realtors
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