Vacation/Investment Home Owners, Taxes & Management

10 Nov

If you use your vacation/investment property as a rental (no matter how much or how little), don’t forget that you must track information for all vendors/contractors for information you’ll need to send them the required IRS 1099 form…for all work done over $600.  Check with your CPA or accountant for details.

Also a note for those considering or using a property manager or property management company….Ohio law requires those managing properties other than their own to have a state real estate agent license, and be working under a state licensed real estate brokerage that has agreed to perform property management…including setting up the required financial accounts.  For more information, consult your attorney; also see http://www.ohiorealtors.org/absolutenm/templates/article.aspx?articleid=3179&zoneid=31

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