The Small Business Jobs Act recently signed into law by President Obama includes a new revenue provision that will create additional reporting for anyone who receives rental income.

Under current law, property managers are generally required to provide IRS Form 1099 on many of the expenditures they incur as part of their rental-property management. The new law expands this rule so that any person who receives rental income (not just property managers) will be required to report all expenditures of more than $600 to any vendor from whom they purchase services.

The landlord will file IRS Form 1099 with the Internal Revenue Service and with the person who provided the service. So any landlord who purchases services from plumbers, yard or garden workers, and electricians, for example, will be required by the new law to report payments when the expenses exceed $600 to a particular vendor during the reporting year.

The new rule becomes effective starting with rental-property expenses incurred on or after Jan. 1, 2011.


Total sales of single-family homes for September 2010 in Santa Fe County and the city dropped by 16 percent — from 94 in 2009 to 79 this year. Sales volume was off by $15 million: $39.5 million in 2010 compared to $54.9 million in 2009.

The overall median sales price of single-family homes in the city and county increased from $361,250 in Sept. 2009 to $375,000 in Sept. 2010.

Condo and townhome sales were nearly the same as last year at 23 sales in September 2009 compared to 24 sales in September 2010; however, the median price has increased from $265,000 in 2009 to $365,000 in 2010.

The Santa Fe market is seeing more sales in the mid-range of the housing market, with values holding strong in these price ranges.


Santa Fe's water-conservation record was recognized in the Oct. 25, 2010, issue of Newsweek in a story titled "Water Windfall in New Mexico." The magazine notes a water surplus that is "large enough to support at least 160 new houses thanks in part to an innovative conservation program approved in 2007."

The article attributes the city's water surplus to its toilet-retrofit program, and notes Santa Fe's subsequent rebate program whereby residents were rewarded for replacing their washing machines with high-efficiency models. (That program ended on July 18, 2010.)

According to Newsweek, the city and its residents' water-conservation efforts are worthy of adoption by other cities.

To keep the water flowing and find other ways to help Santa Fe conserve this precious resource, check out http://wateruseitwisely.com/100-ways-to-conserve/index.php.

Donna Reynolds is chief executive officer of the Santa Fe Association of Realtors.