Why Is My Lender Asking For An W9 Form

Why Is My Lender Asking For An W9 Form – Since the bank is required to report this information, it's often standard procedure to request it when you're opening an account, regardless of the type of account you're. This has never happened before with any bank or company i've dealt with in the past. Willi is a taxpayer defense attorney and cpa who specializes in tax controversy resolution and probate law. We ask you to complete the form and provide your ssn or tin so we can update your account with the correct information.

Any idea what it is all about? I never agreed to send them a w9 and i am under no obligation to do so. The company that services my mortgage, (seterus) has sent me a form w9. So if you refuse to.

This company ordered an appraisal with my company. How does a w9 affect my taxes? Ianal and i am not a tax expert but yes, my reading of the situation is that you are required to provide this info.

It’s a small amount of money (your interest is probably less than $600 cutoff for withholding) but it seems that failing to provide a w9 can result in a $50 fine should the irs identify the issue. Banks that pay you interest income must file a form 1099 int, interest income, with the irs reporting the interest you received on your bank accounts.to report the income, they’ll need your taxpayer identification number. Why would they do this?

They claim the irs asked for the information. That is like having a handyman come out to my house to repair a toilet and then calling him a week later to tell him i need a w9. Since you can claim a deduction for mortgage interest on your federal income tax return, you must complete this form, which includes your name, address and social security number, at.

I called and was told they are updating their records to make sure they are accurate. Or income paid by you to the institution, such as.

Why Would a Vendor Request a W9 Form?