W9 Form For Security Deposit

W9 Form For Security Deposit – Assuming you live in a building with six or more units, or in any building if your landlord voluntarily chooses to hold deposits in interest bearing. For individuals, this is generally your social security number (ssn). March 2024) request for taxpayer identification number and certification department of the treasury internal revenue service go to. However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for part i, later.

The bank requires the w9 form so that the bank can credit and report the accrued interest. The tenant will need the landlord's taxpayer identification number to report this income accurately. New york law requires that the security deposit be put into a segregated trust account, with any interest designated as going towards the tenant. Nothing nefarious in what you've described.

Let's find out why you have to do that. Assuming you live in a building with six or more units, or in any building if your landlord voluntarily chooses to hold deposits in interest bearing. 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.

By state law, the landlord is required to keep your security deposit in an interest bearing account under your name. W9 is an irs documentation assigned to complete whenever an individual contractor performs a task worth over $600.

Why a Tenant Might Request a W9 From Their Landlord TurboTenant