Rental Home Owners Face New Tax Reporting Burdens

[Eugene]

[quote=SK in CV]
That’s all well and good for a business, even a small business. But this post was in reference to someone who owns a rental home. Maybe they use quicken or something like that to track their expenses, and even if they don’t, usually figuring out who you paid $600 to isn’t all that difficult. [/quote]

Even if you’re not a “real business” and you only own a rental home, you’re still going to track and deduct all expenses.

[quote]But actually getting the damn things printed? Quicken doesn’t do it.[/quote]

TurboTax web site says that it can import data from Quicken and file 1099-MISC forms, even in the basic version (though that sounds a little hard to believe).

[no_such_reality]

[quote=SD Realtor]It is not hard to do but it is a pain in the ass. It hurts the providers for the service alot more then the landlords. Lots of handymen type and other guys who do an honest days work will now be 1099’d for alot more of the work they used to not declare.

So good thing our govt is there to track them down and squeeze every cent out of them.[/quote]

Um, good.

No, seriously. I pay too much in taxes, I pay what I owe according to code. I have to pay taxes for my nanny. As for as everybody working cash AFAIC, they should pay their taxes and pay a penalty for cheating.

Yes, face it, not declaring was cheating the taxes.

[no_such_reality]

[quote=SD Realtor]It is not hard to do but it is a pain in the ass. It hurts the providers for the service alot more then the landlords. Lots of handymen type and other guys who do an honest days work will now be 1099’d for alot more of the work they used to not declare.

So good thing our govt is there to track them down and squeeze every cent out of them.[/quote]

Um, good.

No, seriously. I pay too much in taxes, I pay what I owe according to code. I have to pay taxes for my nanny. As for as everybody working cash AFAIC, they should pay their taxes and pay a penalty for cheating.

Yes, face it, not declaring was cheating the taxes.

[no_such_reality]

[quote=SD Realtor]It is not hard to do but it is a pain in the ass. It hurts the providers for the service alot more then the landlords. Lots of handymen type and other guys who do an honest days work will now be 1099’d for alot more of the work they used to not declare.

So good thing our govt is there to track them down and squeeze every cent out of them.[/quote]

Um, good.

No, seriously. I pay too much in taxes, I pay what I owe according to code. I have to pay taxes for my nanny. As for as everybody working cash AFAIC, they should pay their taxes and pay a penalty for cheating.

Yes, face it, not declaring was cheating the taxes.

[no_such_reality]

[quote=SD Realtor]It is not hard to do but it is a pain in the ass. It hurts the providers for the service alot more then the landlords. Lots of handymen type and other guys who do an honest days work will now be 1099’d for alot more of the work they used to not declare.

So good thing our govt is there to track them down and squeeze every cent out of them.[/quote]

Um, good.

No, seriously. I pay too much in taxes, I pay what I owe according to code. I have to pay taxes for my nanny. As for as everybody working cash AFAIC, they should pay their taxes and pay a penalty for cheating.

Yes, face it, not declaring was cheating the taxes.

[no_such_reality]

[quote=SD Realtor]It is not hard to do but it is a pain in the ass. It hurts the providers for the service alot more then the landlords. Lots of handymen type and other guys who do an honest days work will now be 1099’d for alot more of the work they used to not declare.

So good thing our govt is there to track them down and squeeze every cent out of them.[/quote]

Um, good.

No, seriously. I pay too much in taxes, I pay what I owe according to code. I have to pay taxes for my nanny. As for as everybody working cash AFAIC, they should pay their taxes and pay a penalty for cheating.

Yes, face it, not declaring was cheating the taxes.

[CA renter]

[quote=SD Realtor]pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

With that said I also believe we need to cut spending pretty substantially.[/quote]

SDR,

That was an awesome post. You took the information, did your own research, and changed your position, rather than sticking to your position as many other people (most?) would have done when confronted with information that doesn’t agree with their beliefs. Very impressive. 🙂

Although I don’t need to convince you of anything, one other very major argument in opposition to a flat tax is that it would create an even greater wealth disparity in this country. While some appear to be fine with that, I can’t think of a single country with such a large wealth gap that didn’t suffer some major negative consequences as a result. A flat tax is very regressive.

Realize that the people who would most benefit from a flat tax are those in the top 1%, and they are the ones trying to get the message out there that a flat tax would somehow benefit our economy. It wouldn’t.

As to the reductions in spending, I personally believe we could reduce spending rather drastically without really affecting most people’s quality of life. There is a LOT of corruption in government, with so many backroom deals being made on a daily basis. Billions are being wasted every year (trillions, if you include the financial industry), and the average citizen is not seeing any benefits as a result of this spending. If you eliminate the corruption in government, you could probably cut 10-15% (at least) from our budget, IMHO.

[CA renter]

[quote=SD Realtor]pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

With that said I also believe we need to cut spending pretty substantially.[/quote]

SDR,

That was an awesome post. You took the information, did your own research, and changed your position, rather than sticking to your position as many other people (most?) would have done when confronted with information that doesn’t agree with their beliefs. Very impressive. 🙂

Although I don’t need to convince you of anything, one other very major argument in opposition to a flat tax is that it would create an even greater wealth disparity in this country. While some appear to be fine with that, I can’t think of a single country with such a large wealth gap that didn’t suffer some major negative consequences as a result. A flat tax is very regressive.

Realize that the people who would most benefit from a flat tax are those in the top 1%, and they are the ones trying to get the message out there that a flat tax would somehow benefit our economy. It wouldn’t.

As to the reductions in spending, I personally believe we could reduce spending rather drastically without really affecting most people’s quality of life. There is a LOT of corruption in government, with so many backroom deals being made on a daily basis. Billions are being wasted every year (trillions, if you include the financial industry), and the average citizen is not seeing any benefits as a result of this spending. If you eliminate the corruption in government, you could probably cut 10-15% (at least) from our budget, IMHO.

[CA renter]

[quote=SD Realtor]pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

With that said I also believe we need to cut spending pretty substantially.[/quote]

SDR,

That was an awesome post. You took the information, did your own research, and changed your position, rather than sticking to your position as many other people (most?) would have done when confronted with information that doesn’t agree with their beliefs. Very impressive. 🙂

Although I don’t need to convince you of anything, one other very major argument in opposition to a flat tax is that it would create an even greater wealth disparity in this country. While some appear to be fine with that, I can’t think of a single country with such a large wealth gap that didn’t suffer some major negative consequences as a result. A flat tax is very regressive.

Realize that the people who would most benefit from a flat tax are those in the top 1%, and they are the ones trying to get the message out there that a flat tax would somehow benefit our economy. It wouldn’t.

As to the reductions in spending, I personally believe we could reduce spending rather drastically without really affecting most people’s quality of life. There is a LOT of corruption in government, with so many backroom deals being made on a daily basis. Billions are being wasted every year (trillions, if you include the financial industry), and the average citizen is not seeing any benefits as a result of this spending. If you eliminate the corruption in government, you could probably cut 10-15% (at least) from our budget, IMHO.

[CA renter]

[quote=SD Realtor]pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

With that said I also believe we need to cut spending pretty substantially.[/quote]

SDR,

That was an awesome post. You took the information, did your own research, and changed your position, rather than sticking to your position as many other people (most?) would have done when confronted with information that doesn’t agree with their beliefs. Very impressive. 🙂

Although I don’t need to convince you of anything, one other very major argument in opposition to a flat tax is that it would create an even greater wealth disparity in this country. While some appear to be fine with that, I can’t think of a single country with such a large wealth gap that didn’t suffer some major negative consequences as a result. A flat tax is very regressive.

Realize that the people who would most benefit from a flat tax are those in the top 1%, and they are the ones trying to get the message out there that a flat tax would somehow benefit our economy. It wouldn’t.

As to the reductions in spending, I personally believe we could reduce spending rather drastically without really affecting most people’s quality of life. There is a LOT of corruption in government, with so many backroom deals being made on a daily basis. Billions are being wasted every year (trillions, if you include the financial industry), and the average citizen is not seeing any benefits as a result of this spending. If you eliminate the corruption in government, you could probably cut 10-15% (at least) from our budget, IMHO.

[CA renter]

[quote=SD Realtor]pr I did some research and now do agree that a flat tax will not provide a matching revenue that the current progressive tax supplies. I am also not in the camp of a VAT or fair tax so with that said, I do agree with you that the progressive tax rate is the most beneficial methodology to date.

With that said I also believe we need to cut spending pretty substantially.[/quote]

SDR,

That was an awesome post. You took the information, did your own research, and changed your position, rather than sticking to your position as many other people (most?) would have done when confronted with information that doesn’t agree with their beliefs. Very impressive. 🙂

Although I don’t need to convince you of anything, one other very major argument in opposition to a flat tax is that it would create an even greater wealth disparity in this country. While some appear to be fine with that, I can’t think of a single country with such a large wealth gap that didn’t suffer some major negative consequences as a result. A flat tax is very regressive.

Realize that the people who would most benefit from a flat tax are those in the top 1%, and they are the ones trying to get the message out there that a flat tax would somehow benefit our economy. It wouldn’t.

As to the reductions in spending, I personally believe we could reduce spending rather drastically without really affecting most people’s quality of life. There is a LOT of corruption in government, with so many backroom deals being made on a daily basis. Billions are being wasted every year (trillions, if you include the financial industry), and the average citizen is not seeing any benefits as a result of this spending. If you eliminate the corruption in government, you could probably cut 10-15% (at least) from our budget, IMHO.

[DataAgent]

[quote=pri_dk][quote=Raybyrnes]Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?[/quote]

Did you know that your GOP often lies to you?

http://www.snopes.com/politics/taxes/realestate.asp

BTW, it took about 15 seconds to “investigate.”

Try it before you post next time.[/quote]

Gasp… Republican lies. Say it ain’t so!

[DataAgent]

[quote=pri_dk][quote=Raybyrnes]Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?[/quote]

Did you know that your GOP often lies to you?

http://www.snopes.com/politics/taxes/realestate.asp

BTW, it took about 15 seconds to “investigate.”

Try it before you post next time.[/quote]

Gasp… Republican lies. Say it ain’t so!

[DataAgent]

[quote=pri_dk][quote=Raybyrnes]Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?[/quote]

Did you know that your GOP often lies to you?

http://www.snopes.com/politics/taxes/realestate.asp

BTW, it took about 15 seconds to “investigate.”

Try it before you post next time.[/quote]

Gasp… Republican lies. Say it ain’t so!

[DataAgent]

[quote=pri_dk][quote=Raybyrnes]Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?[/quote]

Did you know that your GOP often lies to you?

http://www.snopes.com/politics/taxes/realestate.asp

BTW, it took about 15 seconds to “investigate.”

Try it before you post next time.[/quote]

Gasp… Republican lies. Say it ain’t so!

[Author]

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