Owners of rental property will soon face tough new tax reporting requirements and stiff penalties if they don’t comply. The federal law that goes into effect January 1 applies equally to landlords of multiple units, investors with a handful of properties and individuals who own a vacation home that they rent out for part of the year.
“This is going to create a lot of chaos,” Thomas Hood, president of the Maryland Association of CPAs, said of section 2101 of the Small Business Jobs Act of 2010.
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