New law creates IRS paperwork for rental owners

Published September 18, 2010 4:00am ET



Need a plumber to fix a sink at your rental property? Get ready to deal with the Internal Revenue Service.

A small-business bill poised to become law includes new tax reporting requirements for rental property owners and a second provision calling for steep increases in fines for any person or business who fails to furnish correct information to the IRS, such as 1099 forms for services and purchases.

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