Residents of TV who rent out their homes may be impacted by Health Care Reform
 

I'm just curious if anyone knows more about this provision in the The Patient Protection and Affordable Care Act, better known as Health Care Reform. My understanding of Section 9006 of the 2,409 page bill requires, starting in 2012, that all companies will have to issue a 1099 tax forms to any individual or corporation which they buy more than $600 in goods or services in a tax year.

This is just one example of how one provision in the bill will impact some of us. Imagine the impact on of this one single provision hidden in the bill will impact business small and large.

If you own a home and use it as a rental property, guess what? The way I read this bill, if you rent a home to someone, and say, for instance, you pay the utilities. You will be required to contact each of the utility companies, get their federal ID number and other pertainent information and then at the end of the tax year, file a 1099 form to each of these companies.

What does the IRS and form 1099 have to do with health care? Well, apparently Obama and the Democrats think this is one way, among many in the bill I should add, which will help collect unreported income income to offset some of the costs of health care reform. Do you have a lawn business, interior design business, pet setting/house sitting business et al? Welcome to the world of IRS paperwork. I hope it makes everyone feel better.





http://money.cnn.com/2010/05/05/smal...re_tax_change/

http://thefinancebuff.com/2010/05/10...-care-law.html

http://democrats.senate.gov/reform/p...-as-passed.pdf