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Park Ridge, Illinois, United States
Gerard Scheffler has been very actively involved in the real estate profession for over seven years. In 2005, immediately after receiving his Broker’s License, he established his first Chicago based brokerage company. The company turned out to be very successful with hundreds of satisfied customers and millions of dollars in closed real estate transactions. Over the years, Gerard has developed a network of returning customers who always refer his services to their family and friends. He is presently a managing broker at Home Gallery Realty brokerage firm specializing in default and distressed property sales. Regardless of his professional development and success, Gerard is constantly looking for ways to improve his skills as well as build his company image and reputation. He is very hardworking and aggressive when it comes to representing his customers ‘ real estate needs and doing his job right. He will work with you to ensure that your property is sold for the highest price possible in the shortest amount of time with the least amount of inconvenience to you. Area of service includes Cook, DuPage, Kane, Lake and Mchenry County in the State of Illinois.

Monday, November 22, 2010

New tax requirements for rental properties effective 01/01/2011

 IAR Legal: new tax requirements for rental properties.
 There is a new federal act (Small Business Jobs Act) that will become effective January 1, 2011 that will require owners of rental properties to issue 1099s to service providers for those who receive more than $600 from the rental property owner in a year. If the rental owner, for instance, pays a plumber more than $600 in 2011 the rental owner will need to issue a 1099 for that income to the plumber in 2012. As a result, the rental owner needs to start keeping records and obtaining tax identification numbers for the service providers. If you are a rental property owner or a property manager for an owner of rental properties you should visit with your tax professional about this upcoming requirement. [Small Business Jobs Act of 2010, H.R. 5297, Subtitle B—Revenue Provisions, Part I, Reducing the Tax Gap]


      GERARD SCHEFFLER-GRI,ADPR 
   Real Estate Broker -Home Gallery,Inc
                      cell 773 909-3346
                    e-fax 773 840-1168

"The greatest compliment I can receive is a referral.....your family,friends or anyone you know"

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