Moderator: TenantNet
by Landlord's Boy » Thu Jun 01, 2006 3:02 pm
by HardKnocks » Thu Jun 01, 2006 3:13 pm
by TenantNet » Thu Jun 01, 2006 3:33 pm
by Landlord's Boy » Thu Jun 01, 2006 3:34 pm
by Landlord's Boy » Thu Jun 01, 2006 3:40 pm
by Landlord's Boy » Thu Jun 01, 2006 3:45 pm
by Cranky Tenant » Thu Jun 01, 2006 4:21 pm
The point you seem to be missing is that you're not "paying" the tenant anything in terms of non-employee compensation, royalties, etc. Security deposits are to be treated as the tenant's money. held "in trust", in an interest bearing account. Banks may require this information for tax purposes ( interest paid) but landlords really only function, in this instance, as an intermediary. It sinply isn't your money to write off.Originally posted by Landlord's Boy:
My business TIN is part of the public record and accessible as such. Regardless of that, every tenant must fill out a W-9 if I am to pay them anything; that's the law.
by Cranky Tenant » Thu Jun 01, 2006 6:44 pm
So if my LL was actually playing by the rules, I'd receive a yearly report indicating 30% of the 1-2% interest on my deposit had been sent to IRS as back-up withholding? And that I'd get to include it on my 1040 as tax paid? Sounds like a fair price to pay to maintain a little privacy.Originally posted by TenantNet:
]I'd have to do some research on it, but if I remember, if tenants fail to provide the SS number and/or the W-9 form, the bank is required to do what's called backup withholding. I think that means a calculated amount is sent to the IRS in lieu of the amount calculated from the W-9 form.
by HardKnocks » Thu Jun 01, 2006 7:14 pm
by Landlord's Boy » Thu Jun 01, 2006 7:31 pm
by Concourse » Sat Jun 03, 2006 10:20 am
by TenantNet » Sat Jun 24, 2006 8:40 am
by TenantNet » Sat Jun 24, 2006 11:12 am
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