I have a friend of my father that bought his home about ten years ago. He tried to sell his home and some realtor told him that because he doesnt have a social securtiy number that he is going to have to pay 15% to the government. Is that true or common at all i have never heard of anything like that. In order to sell his house does he even need to have a Social? If he was able to buy it shouldnt he be able to sell it any help would be appreciated!
2007-07-30 07:22:25 · 5 answers · asked by Your Katy Experts 2 in Business & Finance ➔ Renting & Real Estate
Several rules that the government has put into place aiming at illegal aliens and also tax cheats require that every transaction now be tracked and reported.
They normally have several penalties in place to try and force people to have a social security number and try and force people to report transactions. Just try and deposit more than $10,000 worth of cash into your bank account. You will find there are several forms that must filled out showing how you got that money.
2007-07-30 07:38:06 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
My guess would be that since he doesn't have a social security number, he has to pay 15 percent in taxes on the capital gains from the proceeds of the sale, rather than waiting until April 15th to file a tax return.
2007-07-30 07:27:20 · answer #2 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
Yes, he will need a SS number to sell his house. Sellers are required to report the financial details of their transaction to the federal government. If he has no SS, he will be required to ante up at closing.
2007-07-30 08:08:50 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
just apply for a soc sec # - go to www.irs.gov and download the form. why doesn't he have one? everyone gets one from birth anymore and you always had to have one before you got your first job. He's going to have a capital gain on it and will have to file an income tax return - don't tell me he never did that either?!?!!? - He's going to be in major trouble if he doesn't get one. Is he american born? How did he get a mortgage without a ssn / credit check, etc?
2007-07-30 07:28:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If he is not a citizen he uses the same number he uses on his income tax.
If he is an illegal he is pretty much stuck and may want to contact immigration for how to procede.
2007-07-30 07:51:11 · answer #5 · answered by Anonymous · 1⤊ 0⤋