Posted by Ken on November 01, 2000 at 19:26:37:
In Reply to: Interest on Security Deposit posted by Theo on November 01, 2000 at 14:24:49:
In order to credit you interest on your security deposit the funds must be deposited in an escrow account at a bank. Absolutely no bank in the United States will open an account for someone without a social security number. This isn't Switzerland, and whatever vestiges of banking privacy we had have been erased under the Clinton administration.
So yes, you are going to need to supply your SSN and complete the IRS form if you want to receive interest on your deposit. Makes it so much more convenient for the government to make sure you pay taxes on that interest.
: I have lived in a rent stabilized apartment since 1993. I recently requested the interest on my security deposit which has been accumulating for the past 7 years. The management initially told me that they could not provide this until they received my social security number. After multiple attempts I was able to give this information to them. Now they are telling me that they need me to fill out a W-9 tax form. I am bit suspicious of this as I have been told (by friends) that a landlord is not entitled to this infomation. Is this correct or do I need to fill out this form as well?
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