President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011...which repeals both the expanded Form 1099 information reporting requirements mandated by last year's health care legislation and also the 1099 reporting requirements imposed on taxpayers who receive rental income enacted as part of last year's Small Business Jobs Act.

Rental property owners are NOT now required to submit Form 1099 to IRS reporting payments to service providers of more than $600 during the tax year.

Journal of Accountancy - read full article...