Information at Source

ID:
Office:
UILC:
CCA_2010110410241036
---
6041.00-00
Number: 201101019
Release Date: 1/7/2011
From: ---
Sent: Thursday, November 04, 2010 10:24:11 AM
To: ---
Cc:
Subject: Section 6041 1099 requirement - ---
---
I attempted to contact you by phone and left a few voicemails. Please take a look at
H.R. 5297 (Small Business Jobs Act of 2010), Sect. 2101 (Information Reporting for
Rental Property Expense Payments). This legislation adds subsection (h) to sect. 6041 and is entitled "Treatment of Rental Property Expense Payments." This added subsection provides that a person receiving rental income from real estate shall be engaged in a trade or business of renting property, subject to certain exceptions. Also attached is the Joint Committee on Taxation's Technical Explanation (relevant pages only) for your reference. Note that the effective date applies to payments made after December 31, 2010.