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How to Complete an IRS W-9 Form - YouTube
Channel: REtipster
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hey there the next few minutes I want to
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show you how to fill out an IRS form
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called the w9 kind of a strange sounding
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form but really this is a form that gets
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used for all kinds of different purposes
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and it's probably gonna come up at some
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point in the life of your real estate
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investing business sometimes you're
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gonna have to fill this out on behalf of
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yourself and sometimes you're gonna have
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to request that somebody else fill out
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this form for you and really the whole
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purpose of this form is pretty simple
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it's just so that one party can get the
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information they need from the other
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party in order to file a specific form
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with IRS so for example one of our
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property is being bought or sold and the
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closer needs to file a form called a
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1099 s in order to get that information
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they could get it from this form if it's
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filled out and signed and dated by the
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appropriate party or for example if you
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as the seller on a seller finance deal
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you need to send out what's called a
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1098 form to the borrower you could also
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get that information from this as well
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and those are just two examples there's
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a slew of other reasons why this form
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could be helpful but really I just want
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to show you how to fill this form out
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whether you're filling it out on behalf
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of yourself or whether you're filling it
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out on behalf of somebody else and
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you're trying to get their signature you
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would really just have to put all the
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information that you know right here in
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this form and right now I'm showing you
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the online version from the IRS website
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and keep in mind this form actually
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changes and gets updated every so often
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you'll see right here at the top where
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it says revised December 2014 at some
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point in the future I guarantee this is
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going to be revised again so whenever
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you're filling this out just make sure
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you're working with the current copy
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because there are these little minor
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changes that happen every so often and
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really all you have to do is just enter
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in all the information you have about
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the person from whom this form is being
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requested so for example if this form
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was being requested from me I would just
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go ahead and put my information in here
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like this and depending on whether
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you're filling this out on behalf of
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yourself or on behalf of a business
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entity that's when you would fill in
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this second line here so for example if
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I was filling this out on behalf of my
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business entity I would just put my
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company name in here and then when you
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look at this second line right here and
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case I have what's called a
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single-member LLC which in this form the
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IRS essentially treats the same as like
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a sole proprietorship if you're just
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operating on behalf of yourself so I
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would check this box right here and then
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once that's done I would go over here
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none of this stuff applies to me so I'm
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gonna just leave that blank then I would
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put in my business address here and if
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I'm filling this out on behalf of
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somebody else and I would either leave
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this part blank or this section would
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already be filled out and then down here
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you have to enter in your tax ID number
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or your social security number in my
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case I was actually a little confused by
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this at first I am filling this out on
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behalf of my single-member LLC however
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according to the instructions on page
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three of this form which is right now
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here because I am a single-member LLC
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and it's considered a disregarded entity
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I'm technically supposed to fill in my
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social security number
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not my employer identification number
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even if I have one and again that's
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according to what it says right down
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here or it says do not enter the
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disregarded entity zi n so just keep
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that in mind if you are doing this on
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behalf of your company but that company
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is a single-member LLC acting as a
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disregarded entity in that case you're
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not gonna fill out this you're gonna
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fill out this and keep in mind I'm not a
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CPA I'm not really an expert in this
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stuff I'm just kind of going about what
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the instructions say so if you have any
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questions about this be sure to run up
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by your CPA and/or just verify that your
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information is put in there correctly
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don't take this as financial tax advice
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or anything like that I'm just telling
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you how I fill out my forms and then
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once that's complete I would just print
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it out and go down here and I would sign
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it and date it and then send it back to
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the person who was requesting it from me
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now alternatively if I was trying to get
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this form completed by somebody else
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because I needed their information in
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order to complete some forms on my end
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then I could either send them just a
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blank copy of this and say good luck and
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have them figure it out and some people
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will be able to do that some people
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won't just because it's an IRS form and
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it's confusing by its very nature so if
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you want it to be nice and if you have
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some other information already you could
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go ahead and fill out some of that for
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them and for example you could just go
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like this if I was trying to get it from
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a guy named John Smith I would put his
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name in here and I'm just
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getting this on behalf of himself
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personally so I leave this section blank
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then I would check that box and then
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down here out just put his address and
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then I would just kind of leave this
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blank or I would fill it in later and
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then at this point if I had his social
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security number for some reason I would
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fill it in but usually the whole reason
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I'm even asking for this form to get
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filled out is because I don't have their
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social security number so when it comes
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to this section I would basically just
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leave it blank but when I print it out
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and scan it and send it to them I'm
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gonna want to indicate it really clearly
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on here that they need to fill this out
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before they sign it date it and send it
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back to me so usually what I would do is
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I would print it out and like highlight
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it or draw a big circle on it or put an
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arrow on it with some kind of a sticky
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note if I was sending them a hard copy
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just make it very clear and obvious that
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hey fill this out before you send it
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back to me and then I would just send it
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to them and I'd probably indicate as
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well here just to make it obvious hey
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sign this section and date this section
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and that's really all you have to do and
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then once you have this completed form
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with all the numbers and information and
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signatures and dates then at that point
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you will have what you need in order to
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complete your 1099 or 1098 or any other
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document that you may need in the course
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your business
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so that's really all there is to it
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that's what a w9 is and that's how you
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get it filled out it's pretty
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straightforward document but if you're
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not accustomed to working with this it
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can obviously be confusing you can
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almost feel free to read the rest of the
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directions here it's a very interesting
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reading as you can tell but I'll just
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sort of leave that up to you and I'm
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gonna have a link to this form right
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beneath this video so if you need to get
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to that you should be able to access
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that online and keep in mind if you
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don't have this information that's ok
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too you can just as well leave all this
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stuff blank but if you're gonna do that
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just make it very clear to them what
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they need to fill out like you could
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highlight the empty fields or put arrows
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next to them just so they understand
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what they're supposed to do because the
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average person probably is not gonna
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understand it so that's all there is to
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it and that's all I got to do
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