Claiming Interest on Income Tax

[mjhorbay]

My husband and I are Canadians and have been Wyndham owners for two years. We bought in Hawaii on our honeymoon. We recently received a W-9 Taxpayer Identification Number Request form from Wyndham in the mail. We called Wyndham, and they were not much help to the questions we had about the form. They advised that we sit down with our tax professional to go over our questions. Has anyone received one of these forms before?

We are also wondering if any Canadians here have claimed the interest they've paid on their timeshare, on their income tax?

Thanks!

 

[moonstone]

We have never received a notice mostly because we never paid any interest. We bought from the developer (newbie error) in 1982 and paid the whole $2,500. in cash!

Unlike our American counterparts Canadians can not claim interest paid on personal real estate (mortgages) on our income taxes. Owning real estate for business is another matter. We own a condo in FL which is rented out full time so we do use/need that form because we need to file US Income Tax.

IMHO would think unless you are going to fill out an American Income Tax form next spring you have no use for that form.


~Diane

 

[bizaro86]

You can't claim the interest on your Canadian tax return, unless you can assert that you have a reasonable expectation of making a profit, and are running a business. I very much doubt a developer purchase woulf pass that test.

Mortgage interest is not generally deductible in Canada.

 

[Conan]

I don't see why Wyndham wants a Form W-9 from you.

Typically, Form W-9 is used when a company wants to pay money out to a non-US citizen that might constitute US taxable income to the recipient. Having a signed W-9 can save the company from having to withhold federal income tax from the payment.

If you were submitting a Form W-9, and if you don't have a US social security number, there's a process whereby you can obtain an individual taxpayer identification number ("ITIN") for that purpose.

The IRS says "you must provide [an ITIN] upon request to any other person who needs it to comply with the tax law"
https://www.irs.gov/taxtopics/tc857.html

So it's proper for you to ask Wyndham why they think they need the form from you. If they can't give you a reason, I'd say you can ignore them.

 

[Braindead]

I was told Wyndham wants the W-9 on file in case they do rental for you . Then they would send you a 1099 for rental income . If you don't rent thru Wyndham you will not receive a 1099

 

[Conan]

I was told Wyndham wants the W-9 on file in case they do rental for you . Then they would send you a 1099 for rental income . If you don't rent thru Wyndham you will not receive a 1099

Makes sense! So if you're not using Wyndham as a rental agent, you don't need an ITIN and you don't need to provide a W-9.

 

[Braindead]

Correct . Wyndham just wants it on file

 

[Don40]

If I were in your shoes, I would not provide this information until it is needed. So when and if you decide to rent through Wyndham then you provide the information for the I9.

JMHO

 

[whitewater]

If I were in your shoes, I would not provide this information until it is needed. So when and if you decide to rent through Wyndham then you provide the information for the I9.

JMHO

x2 what they said

 

[happyhopian]

x2 what they said

Another guess is that they do not have your social since you are canadian that is screwing their system up. A w-9 is just a fancy way of asking for a social security number. I would skip it. Nothing in their agreement requires you provide such to use their system.