[2008 thread] Are Social Security Numbers really required when selling timeshare?

[luv_maui]

I'm being requested (sales document) for social security numbers upon selling a timeshare. Is it really required?

 

[Luanne]

Well, I was asked for mine when I rented ours out through the resort. It was for income tax reporting purposes.

 

[BocaBum99]

If the closing/title company issues 1099s for the sales proceeds, then yes, you need to provide them with your SSNs. Usually its collected via a W-9.

 

[Moosie]

I'm in the middle of selling mine through a realtor and when asked I said when needed would do so.

Hasen't been an issue. I just didn't like faxing or whatever to some place and having many people privy to it.

 

[Moosie]

Now I have a question regarding a 1099 if you don't mind.

When the sale goes through and you receive the 1099, can you then show that you are actually losing than gaining? As I will be.

Due of course as I bought before finding TUG.

 

[DeniseM]

Now I have a question regarding a 1099 if you don't mind.

When the sale goes through and you receive the 1099, can you then show that you are actually losing than gaining? As I will be.

Due of course as I bought before finding TUG.

If you mean can you claim the loss as an income tax deduction, the answer is unfortunately, no.

 

[Hoc]

If you mean can you claim the loss as an income tax deduction, the answer is unfortunately, no.

However, you can show the purchase price so that you have no taxable gain from the sale.

 

[Moosie]

Thank you!

 

[Dave H]

I'm being requested (sales document) for social security numbers upon selling a timeshare. Is it really required?

As a closing company owner, I am legally required to issue a 1099 on the sale of the property. To properly file the 1099, I am required to have your ssn. It can be something as easy as having you provide it in advance of closing to us so it populates on the other forms i/ need it for, or providing a W-9 at closing or marking the block and then having to redo part of the forms when I get your closing package back.

So, we let people decide, some will not under any conditions provide it in advance, most give it to us so the forms are fine. Some of the resorts require us to have it to get our estoppel certificates, etc.

If it is an issue, call the closing company and see if you can not work it out with them.

 

[Amy]

Required for PURCHASES?

It has been awhile since I've purchased a timeshare. I'm in the process of buying a CA timeshare now from an eBay seller, and the closing materials ask for DH and my social security numbers. Are we required to submit the ss#s? I hate giving that info out to anyone unless necessary.

 

[ttt]

It has been awhile since I've purchased a timeshare. I'm in the process of buying a CA timeshare now from an eBay seller, and the closing materials ask for DH and my social security numbers. Are we required to submit the ss#s? I hate giving that info out to anyone unless necessary.

Some chains like Marriott now require a copy of Drivers Lic. or Passport for each new owner.

 

[alexadeparis]

Every time I buy a timeshare the resort has asked me at some point in the process for our social security numbers; wyndham, westin, and independents. I think this is for the future if they ever need to do a collection action on maintenance fees (for example) so they can put it on your credit report if you are delinquent, look you up in employment databases to find out where you work,etc.

 

[myip]

As a closing company owner, I am legally required to issue a 1099 on the sale of the property. To properly file the 1099, I am required to have your ssn. It can be something as easy as having you provide it in advance of closing to us so it populates on the other forms i/ need it for, or providing a W-9 at closing or marking the block and then having to redo part of the forms when I get your closing package back.

What is the different between w-9 or 1099s? I got a 1099s and report in the income tax as sale of a property. what is w-9?

 

[gmarine]

You do not have to supply your SS# for a purchase that is not financed. They may ask for it, but you cannot be required to supply it. I always say that I will provide it only to a supervisor and only after I receive a copy of the resorts policy on safeguarding my personal information providing I agree with this policy. Needless to say, I have never been asked for it again.

 

[Amy]

Thanks for the replies to my question. I contacted the timeshare resort management transfer folks and was told that they only need the last 4 digits of our social security number for ID purposes. They said the closing companies' paperwork may include the full SS # but they only keep a record of the last 4 digits. So I've contacted the closing agent, related what I was told, and asked for confirmation that they would allow me to list only the last 4 digits of my SS# on the closing paperwork before I submit my paperwork and money.

 

[bjones9942]

What is the different between w-9 or 1099s? I got a 1099s and report in the income tax as sale of a property. what is w-9?

The difference between a w-9 and a 1099 is the same as the difference between a w-2 and a w-4.

One form (w-9) is what you fill out with your information (name, address, ssn, type of company you are [or individual]) for tax reporting. The other form (1099) is the actual tax report (generated if they have given you over $600 in a calendar year); a copy of which goes to the IRS.

 

[rickandcindy23]

I am being asked for our SS#'s by Resort Closings, and Rick is dead-set against it. I don't want to give them the #'s. Everyone knows that these closing companies have no way to secure this information from probing eyes. These are not the most trustworthy people working at these companies, as we all know well. They say they hold escrow, when in fact they don't do that at all, for example.

 

[carl2591]

one of the best ways to protect your credit, id etc is put a credit freeze on your files.. In NC we go online through a state website. It goes to each of the three credit agencies and places a freeze on the account.. you are issued a PIN number that is used to Un freeze the acct as needed for a period of time, like 5 or 10 days and then it re freezes..

no one, i mean NO one can access your credit file with out the PIN, not even YOU.. so be sure to keep up with that number.. its a different one for each place.

and don't be fooled by the life lock, and other ID theft deterrent ads you hear or see.. they just put a fraud alert on the acct which if someone actually looks at the report can see.. most of the time they are just looking for the report to come back so the fraud alert is worthless.. plus after a certain amount of time they fall off..

a credit freeze will not produce a credit report at ALL..

noda, none, nin,

we recently did a car loan and forgot about the freeze.. the bank called and told us they could not access our report at all.. what was up.. we had to go online and release the file for 5 days for them to access..

man that's cool... get it,,, credit freeze, cool :rofl:

have a good one

 

[rickandcindy23]

We have done that ourselves, and it does work well. Dave Ramsey talked about that on his show once. We never borrow money anymore. From now on, we pay cash for everything. Timeshares are way too easy to buy with cash. :rofl:

 

[Dave M]

Cindy-

If you are selling, you have no choice. The closing company isn't supposed to close without it, as they need to report the sale to the IRS with your SS #. They have to pay a penalty to IRS if they don't get your SS #.

However, if you are buying, you should be able to get them to waive the requirement. If not, ask them to show you or refer you to the IRS rule requiring the SS #. They won't be able give you such documentation! However, as suggested above, some resorts require it. So ask for why they need it; then challenge them.

Good luck!

 

[rickandcindy23]

They are still asking for our social security #'s. They say the resort wants them. We are buying, not selling anything.

I gave our SS#'s to an attorney when we sold our North Carolina week, but that was to sell, and this is to buy.