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filling out a W-9 for storage rent?

powerglider

Stainless
Joined
Oct 13, 2006
Location
Mediapolis, Iowa
I rented some barn space over the winter and now I'm being asked to fill out a W-9 form.

Is this right? I thought W-9 forms were for contracted independent work, but never realized it was for rent for a car in a barn.
 
Looking at W-9 form I was asked to fill out yesterday, the instructions in Part II: Certification are contradictory. First it says you don't need to fill it out for "real estate transactions" (rent??), but then it says you need to provide TIN but don't have to sign the form.

I would guess the company is being extra cautious or working some convoluted tax dodge.
 
It isn't clear to me if you are the payer or payee. If the payer wishes to deduct the amount on his tax return, he must issue a 1099 to the payee, and then file it with the IRS. In this case I believe it is a 1099 MISC, with the rent amount in the appropriate box. I believe the IRS has instructions on how to file a 1099 if an identification number is unavailable for the recipient.

For 2010, 1099 forms do not have to be issued to corporations, or for situations where real or personal property changes hands. These exemptions disappear for 2011. Will striking down the health care law re-institute these exemptions?
 
I was paid, it's my barn.

This company rented space in my barn for storage. It was a verbal agreement. Now out of the blue I get a W-9 form to fill out from their accountant (not the person that rented the space).

For what it's worth they stored a what I'm pretty sure is a personal stuff in there, I don't think any of the stuff was a business asset.

It isn't clear to me if you are the payer or payee.
 
As long as you claimed the rent as income in 2010, what would be the problem? Fill out the W-9 and send it back so they can 1099-misc you. If you haven't claimed the rent as income, that's the reason for the government doing this, to try and reclaim millions in "lost" tax revenue.
 
Sounds like they are going to issue you a 1099. I had to do that for my auto mechanic because he isn't incorporated. I think for most things the threshold is $600 so if they paid you more than that and you aren't incorporated they are required to issue you a 1099. According to my accountant they are more strictly enforcing it these days.
 
My accountant informed me that anyone (even the utility companies) I made payment to I needed to have a W9 form from them on file. The IRS can fine you if you do not have these forms on file. The way they are stepping up enforcement I can't gamble for not to have the forms.

Michael
 
Taxpayer ID # available on request from IRS and can be used as alternative to SS#.
If you file Form C or variant, or plan to rent the barn for sometime and
declare the income, which a 1099 will force of course, TID is an option. You can
deduct barn maintenence costs if any. So far TID has no financial security problems.
 
I was also told in a similar situation to fill out the form Unsupported Browser Page, I thought of a debt, I need this confusion and why to waste my time. I had to contact the department more than once, in order to understand what was needed all the same. It is better to spend time just in case and fill in all that is said, and then sort out the office
 








 
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