Giving Tax info to bluegreen?

[lookie Member Find all posts View Profile Close lookie]

Am in the process of buying a bluegreen membership resale. No mortgage on the property-cash transaction-mostly transfer fees.

The closing agency sent the BG assignment of benefits form, which I have no problem with, but also wants me to sign a W-9. I would understand this if there were a mortgage involved, but I don't get why I need to let BG read my tax return just to transfer this ownership. If I decline to sign this form, will they still transfer it?

Little help?

[swirg53 Senior Member Find all posts View Profile Close swirg53]

I also wondered why as the buyer I had to fill out a W-9....I could understand why the seller might have to fill out a W-9 but why the buyer? Unless down the road, they wanted to be able to tell how much I paid for it????

Or if I ever sold it, then what my loss would be? or my profit? (Yeah, right!)

[lookie Member Find all posts View Profile Close lookie]

I also wondered why as the buyer I had to fill out a W-9....I could understand why the seller might have to fill out a W-9 but why the buyer? Unless down the road, they wanted to be able to tell how much I paid for it????

Or if I ever sold it, then what my loss would be? or my profit? (Yeah, right!)

I'm not worried about profit. I'm just a bit of a privacy bug. Besides, I've read in other places that BG agents will pull my file at the "owner update" to see what I've paid for my points. I can just see this now. "You paid X for this package but a person with Y income (and we know that you make that, here's your 1040) can "afford" to spend Z on this lovely package." Simply put, unless I'm asking the guy across the table for a loan, I don't see why my income is any of his (or her) business.

[JWKess Member Find all posts View Profile Close JWKess]

W-9s

I curious about this as well. I have made several purchases from Pinnacle and they have always required this to be filled out. I have always just completed them without knowing why. I hope someone is able to shed some light on this?

[swirg53 Senior Member Find all posts View Profile Close swirg53]

A couple of thoughts...........first, why would filling out the W-9 form give any one access to your 1040? Maybe I am ignorant and I am willing to put myself out there to become informed.

Secondly, now that I am thinking about it......they ask for your SSN on another form anyway so it is kind of a moot point that they are asking for you to complete a W-9. Maybe they are trying to find out if you are representing a corporation?

Third, whenever I have done a closing with Resort Title (owned by Bluegreen) I have never had to fill out a W-9, but that's been a few years ago now. Recently, I closed two (unauthorized) resale purchases with Boca Raton Timeshare Transfers which did require filling out a W-9 by the buyer and I assume by the seller also but since I was only the buyer, I'm not sure about that end. I made the assumption that things had changed and if I had closed with Resort Title instead, that a W-9 would have been required there also. Maybe this last assumption is false. (Plus I don't think unauthorized resales can be closed by Resort Title anymore anyway--seems I remember reading that somewhere--would someone verify if this is the case or not? Thanks.)

This could all be as a result of the new 1099 requirements of the health care bill. Everyone is going to get a 1099 for just about anything going forward. It is going to be totally hideous/crazy/stupid. Everyone should write to their congresspersons to stop this craziness. It will flood the IRS with 1099s making everyone's returns take longer to process, cause small businesses to shut down, cause CPAs to make more money and hire more staff (helps novice bookkeepers like me get more clients), and the list goes on endlessly. So W-9s will also be rampant. People using PayPal will be getting 1099s also.

Susan

[lookie Member Find all posts View Profile Close lookie]

Ok, my bad. Looks like this just verifies my SSN-a little less aggravating, I guess.

Got this confused as I recently refinanced my house and then had to fill out an authorization for a transcript of tax return.

Thanks for clarifying.

[rapmarks Moderator Find all posts View Profile Close rapmarks]

we are purchasing right now. need to fill out the W9 and send a legible copy of our driver's license. I think it was easier to buy a home or sell a home than it is to buy a timeshare from bluegreen.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Am in the process of buying a bluegreen membership resale. No mortgage on the property-cash transaction-mostly transfer fees.

The closing agency sent the BG assignment of benefits form, which I have no problem with, but also wants me to sign a W-9. I would understand this if there were a mortgage involved, but I don't get why I need to let BG read my tax return just to transfer this ownership. If I decline to sign this form, will they still transfer it?

Little help?

No, the w-9 is required. If you don't provide it, they won't complete the transfer.

[T/S Guy Junior Member Find all posts View Profile Close T/S Guy]

W-9 is needed

They have to have the W-9 on file so they can send you a 1099 showing the interest you pay (if you have a mortgage) and real estate taxes you pay. I believe all companies require a W-9.

[lookie Member Find all posts View Profile Close lookie]

Thanks all. That makes sense and is quite reasonable. Like I said, I mixed it up with the tax return transcript which is not required here.

Interestingly for us, we are NOT required to fax drivers' licenses-at least not yet. Just have to sign the transfer in front of a notary and fax the info back in.

Granted, we're just starting with the title company so the saga may just be starting.