A small-business bill poised to become law includes new tax reporting requirements for rental property owners and a second provision calling for steep increases in fines for any person or business who fails to furnish correct information to the IRS, such as 1099 forms for services and purchases. The two provisions are tucked inside the Small Business Lending Fund Act, which passed the Senate Thursday. A report issued last week by the Joint Committee on Taxation calculates that the two provisions combined would raise about $3 billion of the overall $30 billion cost of the legislation. According to the bill’s proposed new rules on rental property, owners who pay $600 or more for a service such as plumbing, landscaping or painting, would be required to issue 1099 forms to the IRS and whoever provided the work.
Posts Published by Jim Duncan
If You’re Looking at Zillow to Value homes in the Charlottesville Area
Heck, Greene County’s not even there . Of course, they “only” represented 10% of all homes sales in the Charlottesville MSA last year. 🙂 Median sales price and volume of single family, attached and condo sales for Charlottesville MSA in 2010: 
Note: the less metropolitan/urbanized/populated areas are less accurate. … For now, “But until Zillow gets a lot smarter, I don’t recommend making it a trusted bookmark. ” 
In time of course, they will get better. It’s best not to underestimate those with piles of money and lots of smart people. Thanks to Dan Greene for pointing this out ; I’d seen it a few years ago but forgot all about it.
Denied.
Albemarle County Planning Commission denies new development near the Ashcroft neighborhood . This seems to be as good a time as any to remind those who are seeking to buy in Charlottesville or Albemarle (or anywhere, really) that if you don’t own it, it’s going to change . Never assume that that field/cul-de-sac/dead end is going to stay that way. Is the decision good/bad/ugly?
Median Home Prices – Attached Homes for Charlottesville MSA
Looking back at a decade of attached home sales in the Charlottesville MSA* – Albemarle, Charlottesville, Fluvanna, Greene and Nelson – seems that the peak Scanning through these numbers clearly demonstrates several things: – High-level analyses such as those found in the Case-Shiller reports are meaningful from one perspective – that of confidence and trends. – The respective peaks for various localities were in different. Albemarle may have peaked in 2006 while Charlottesville’s was 2007. – Transactional volume matters . Look at how easily Nelson’s numbers can be skewed. – For a real analysis of how much your home or the one you may be considering buying might be worth, you absolutely, positively need an analysis specific to your home, your neighborhood, your area.
… 2001 
* There were no attached homes sold in Greene County via the Charlottesville MLS in 2001. 2002 
2003 
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2006 
2007 
* There were no attached homes sold in Greene County via the Charlottesville MLS in 2001. 2008 
2009 
2010 
Median Sales Prices for Charlottesville MSA – Looking at a Decade
2002 
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2007 
2008 
2009 
2010 
Homebuyers in Charlottesville: Please Work with Charlottesville Lenders. Here’s Why
Lender asks for my recommendations for attorney/title company, appraiser, etc. (local lenders tend to have pre-existing relationships to take advantage of) I consult with my client to ensure that he approves, and proceed. … Hopes and dreams have been smashed because an incompetent, unknown lender does not have any reason to work harder, does not have any relationships to maintain, has no concerns regarding accountability.
…He calls another local lender with whom he and I both have excellent working relationships and passes the package over to the other local lender. … I’m inclined to do whatever it takes (so long as it’s moral, ethical, legal) to ensure that my clients are taken care of.