Security Deposit W9 Form

Security Deposit W9 Form – The interest earned on this account is taxable, and the irs requires landlords to report it. The bank requires the w9 form so that the bank can credit and report the accrued interest. By state law, the landlord is required to keep your security deposit in an interest bearing account under your name. You have to complete the form when you work as independent contractor, inherit property, receive bank interest income etc.

A landlord may ask for a tenant's w9 to report rental income on their tax return. Nothing nefarious in what you've described. The w9 is a standard tax form landlords need in order to properly deal with your security deposit, though many of them don't bother with it, says sam himmelstein, a lawyer who represents residential and commercial tenants and tenant associations. Generally, landlords ask for w9 from tenants to collect necessary information about their social security number or taxpayer identification number, name, and address.