New year brings new tax reporting requirements for rental property owners
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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