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Requesting a w-9 be sent for closing

M

mom04

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Ok well I bought a timeshare off ebay...Orange Lake resort
The seller just sent me a w-9 to be printed and sent back to them, saying the resort is requesting this for closing ? I really dont want my SS # floating around out there...is this really necessary ?

:shrug:
 
I certainly wouldn't give it to the seller. If the resort needs it for some reason, you can give it directly to them.
 
I can not think of a circumstance where either legitimately requires it.

One possible circumstance would be if you rent an owned unit using the resort rental arm. But I would think they would ask for at that time.

When presented with undesirable choices my inclination is to give them a false number if they require it " for their records". Otherwise, confront them directly and ask why.
 
Amen...

basham said:
I can not think of a circumstance where either legitimately requires it.

One possible circumstance would be if you rent an owned unit using the resort rental arm. But I would think they would ask for at that time.
Click to expand...

I have never known any closing entity to ever request (or ever claim to require) a buyer's social security #.
That particular buyer information is plainly neither necessary nor any of their business in the first place.

I have however known resort chains (Wyndham comes specifically and immediately to mind) to attempt to collect social security number information, outside of the in-house rental circumstance basham cites above (...in which case a W-9 and ss# are indeed legitimate requests).

I have always assumed that a resort / resort chain likely wants that ss# information in order to facilitate any "collections" or "credit reporting" situations which may arise in the future as a result of a delinquent account. When I was a Wyndham buyer, I overtly declined to ever provide ss# info to Wyndham. I always paid my fees on time and ss# was never mentioned again. When I later sold (...gave away for free, actually) my Wyndham ownership, social security number was again never mentioned or required... :shrug:
 
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A w-9 is needed by a closing company from the seller so that they can properly report the income to the IRS...There should be no need to get a w-9 from a buyer unless the buyer is paying less than zero for the property ie taking money away from the closing or put another way...being paid to take the property. That money needs to be reported to the IRS I think....In a case where a timeshare is sold for $1, all closing costs and transfer fees paid by the seller and with MF paid ahead....the buyer should expect to file a w9 so the seller can report this income to the IRS



OR The title clerk may not know what they are doing...Ive had them ask me as a buyer for info that was required of the seller...They just sent out the form letter to the wrong party
 
I would say no... They do not report payments made by the buyer to the IRS.
OTOH, you might need the sellers' SSN to file a 1099 for what you paid them.
 
Talent312 said:
I would say no... They do not report payments made by the buyer to the IRS.
OTOH, you might need the sellers' SSN to file a 1099 for what you paid them.
Click to expand...

But what if the buyer got paid

ie my recent transaction where I paid $100, but received a timeshare, a years mf paid in advance ($500), $300 transfer fee and $400 closing costs....Im no tax lawyer, but it seems to me I netted over $1000 on this deal....Wouldnt the IRS want to know?
 
ronparise said:
But what if the buyer got paid

ie my recent transaction where I paid $100, but received a timeshare, a years mf paid in advance ($500), $300 transfer fee and $400 closing costs....Im no tax lawyer, but it seems to me I netted over $1000 on this deal....Wouldnt the IRS want to know?
Click to expand...

I'm not sure that is the case; if you took something that was worth less than zero (the timeshare) perhaps the other enticements just brought up the value to zero.
 
Talent312 said:
... you might need the sellers' SSN to file a 1099 for what you paid them.
Click to expand...

:confused: The closing company may ask the sellers for their SSN and report the sale to the IRS, but I as the buyer don't want it?
 
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w-9

Ok...so now Im really confused !!! I did get it for $ 11.00 so I paid " something ",has anyo0ne purchased Orange Lake Resort in Fla ???? I did send the seller an email yesterday saying that I wasnt confortable with this ( send it to them ) and that I would like to send it straight to Orange Lake if its needed , I havent as of yet heard a reply from them ./
 
mom04 said:
Ok...so now Im really confused !!! I did get it for $ 11.00 so I paid "something."
Click to expand...

What you pay for something is not reported to IRS.
What you are paid by someone else is reportable.
Thus, your SSN is needed only if you are getting $$.

I'd question the motives of anyone (other than a loan provider, CC issuer or medical pro) who asks for a SSN.
 
When I received my welcome letter from Orange Lake Desert Club it came with a W-9 asking us to fill out and return. When I talked to Orange Lake for a separate issue I asked about the W-9. They said it was for their information purposes. I never sent it in since we never wanted the week anyway... That did not stop the week from being transferred into our name with the resort.
 
ScubaKat said:
When I received my welcome letter from Orange Lake Desert Club it came with a W-9 asking us to fill out and return. When I talked to Orange Lake for a separate issue I asked about the W-9. They said it was for their information purposes. I never sent it in since we never wanted the week anyway... That did not stop the week from being transferred into our name with the resort.
Click to expand...



So if Orange Lake Resort is " requesting " a w-9 from me ( the buyer ) and the closing company is asking me to send it to them, so they can forward it to OL if I dont fill this out and do it will the transaction still move forward ? I guess I will find out .....I refuse to put my SS # on a w-9 and fax it to a seller from ebay so they can pass it on to the resort !!
 
Yessa!

mom04 said:
I refuse to put my SS # on a w-9 and fax it to a seller from ebay so they can pass it on to the resort !!
Click to expand...

A wise and prudent decision and position. :clap:
 
w-9 request

Update-
I sent an email to the seller ( closing Co ) explaining that I would not be sending them the w-9,they replied that they would still send what is needed to Orange Lake resort although it would delay closing and I would need to call orange lake and explain to them why they dont have a w-9 from me.
 
I bought a week at a Spinnaker resort and the closing company, Timeshare Closing Services, said that Spinnaker requested a ssn. After contacting the resort directly, I found out this was untrue. I believe the closing companies may just be mining information.

I received a car loan without providing more than the last 4 digits of my ssn. There is no way I am giving it to a closing company.
 
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