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To: NH Liberty

I would be surprised if you didn’t have to disclose it, the money will be income and surely someone is required to report it to the IRS, that form likely requires your SSN. I can’t see how to get around that. I will be interested in answers you get though. There might be a way to keep some people from getting it, say the buyer, but I would think someone needs it if money changes hands. Even in a Real Estate trade I am pretty sure it has to be reported.


5 posted on 10/28/2013 12:52:18 PM PDT by Tammy8
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To: Tammy8

From what I understand, a real estate company isn’t considered a “financial institute.” Unless the Patriot Act has changed all of that, a real estate company still falls under the category of a private business.

From PrivacyRights.Org:

https://www.privacyrights.org/fs/fs10a-SSNFAQ.htm

[...]

Usually you are not legally compelled to provide your Social Security number to private businesses unless you are involved in a transaction in which the Internal Revenue Service requires notification. The Patriot Act requires financial institutions to verify customers’ identities, which can involve the SSN.

There is no law, however, that prevents businesses from requesting your SSN, and there are few restrictions on what businesses can do with it. But even though you are not legally required to disclose your SSN, the business does not have to provide you with service if you refuse to release it. So in a sense, you are strong-armed into giving your SSN. This is often the case when applying for insurance and opening utility accounts.

But don’t give up. Be sure to ask if there is an alternate number that you can provide to the company, such as your driver’s license number. Also ask if you can provide a deposit rather than giving your SSN to the company.

[...]

Cheers!


6 posted on 10/28/2013 1:07:38 PM PDT by DoctorBulldog (I can't be a racist because, I can't stand Biden and Pelosi, either!)
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To: Tammy8

If you sell a house the only money that would be counted as income is the profit on the sale. If you buy another house of greater value within a certain time period you don’t have to claim even the profit as income. Plus, the real estate people have nothing to do with reporting income, only the financial institute loaning the monies and even then I doubt they have control over the seller’s part of the bargain.


8 posted on 10/28/2013 1:57:48 PM PDT by calex59
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