Help with W7 form.

[Andrew*A]

Hi. Does anyone have any experience with renting out points? We are looking to rent out our points this year and have discovered that we have to complete a W7 form in order to get an ITIN number.
The question we have is, when selecting the reason for the application, do we select option a or b.
Hoping to hear from someone who has been successful in the process
Thanks.

 

[Ruttangel]

Are you renting via a US company? I used David's which is based in Canada and didn't need to fill this in.

 

[McCrae]

Hi. Does anyone have any experience with renting out points? We are looking to rent out our points this year and have discovered that we have to complete a W7 form in order to get an ITIN number.
The question we have is, when selecting the reason for the application, do we select option a or b.
Hoping to hear from someone who has been successful in the process
Thanks.

Have second thoughts about using a US company… dealing with US taxman is a nightmare.

 

[McCrae]

Hi. Does anyone have any experience with renting out points? We are looking to rent out our points this year and have discovered that we have to complete a W7 form in order to get an ITIN number.
The question we have is, when selecting the reason for the application, do we select option a or b.
Hoping to hear from someone who has been successful in the process
Thanks.

Have second thoughts about using a US company… dealing with US taxman is a nightmare.

 

[DL1WDW2]

Are you renting via a US company? I used David's which is based in Canada and didn't need to fill this in.

I think the tax law has changed this year , be sure to verify with David’s, etc…

 

[Ruttangel]

I think the tax law has changed this year , be sure to verify with David’s, etc…

Not sure how IRS would obtain details to trace anyone unless rental company volunteer that information. I think US based companies may have to do that but I'm not sure who OP is using. I still haven't seen any useful tax advice on renting overseas timeshares on these boards. HMRC website is a mess and I just go by the following information. Being a joint owner we use this to stay under £2k between us per year. Only rented out twice though. https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

 

[Lee Matthews]

The site sponsees sent me a W7 form because I thought it may be worth doing Incase if ever wanting to rent out points but it looks a minefield

 

[McCrae]

Remember when declaring rental income eligible deductions are allowed and can be written off before declaring any taxable income. This would include annual due payments.

 

[Ruttangel]

Remember when declaring rental income eligible deductions are allowed and can be written off before declaring any taxable income. This would include annual due payments.

I don't think it's the full dues just the capital part

 

[McCrae]

I don't think it's the full dues just the capital part

Capital costs cannot be deducted from income… you charge them against any gain you may make if you sell your holding. Dues are an operational expense and can be written off against income.

 

[Butter cake]

Hi. Does anyone have any experience with renting out points? We are looking to rent out our points this year and have discovered that we have to complete a W7 form in order to get an ITIN number.
The question we have is, when selecting the reason for the application, do we select option a or b.
Hoping to hear from someone who has been successful in the process
Thanks.

Hi,I was same situation with you. Because I didn't have any way to use my point positively , so I asked "DVC rental store" which I really recommend . That staff would responsed me so kindly from first step as you ask like about W7 . it was taken so long time to get ITIN number for me because I'm Japanese . It is better to get the ITIN number at least half a year before the date of the point you want to lend.. and answer regards you asked is "h" . I'm sure they taught me that way. Anyway , I don't know you want to rent your point through which company though, I can say that you better to ask that company .

 

[gavvy]

Why don't you post on the rent boards on here, I have done it a few times, you get more than David can offer you and it really is quite simple. I took PayPal for the payment, was all very easy to do.