Sharing SS# for home purchases

[OmarN]

Greetings my friends.

My wife and I are Dominicans living in NYC. We decided to invest in Punta Cana, and purchase a home in Punta Cana. Our income is from the United States, and we need to provide taxes, pay stubs and all that stuff that proof we have legitimate income. Fine, we get it. But I didn't know that I also had to provide my Social Security number. I have heard stories where they use this number to report to the IRS here in the USA that if a person owns property in another country and then ends up paying taxes for that. We are a little bit scared of that since we pay a lot for taxes and this would be hell for us.

What have been your experience buying in the Dominican Republic? Am I obligated to provide my Social Security number or not?

 

[RDKNIGHT]

Greetings my friends.

My wife and I are Dominicans living in NYC. We decided to invest in Punta Cana, and purchase a home in Punta Cana. Our income is from the United States, and we need to provide taxes, pay stubs and all that stuff that proof we have legitimate income. Fine, we get it. But I didn't know that I also had to provide my Social Security number. I have heard stories where they use this number to report to the IRS here in the USA that if a person owns property in another country and then ends up paying taxes for that. We are a little bit scared of that since we pay a lot for taxes and this would be hell for us.

What have been your experience buying in the Dominican Republic? Am I obligated to provide my Social Security number or not?

Social Security to check your FICO score I had to do the same that is if you are using a bank,

as far as using your social security number to report it to the IRS I don't know about that I've had a few friends that are sold properties for gains and did not have to pay Capital taxes in the United States I believe you pay Capital Tax if your property is in the United States

 

[OmarN]

Social Security to check your FICO score I had to do the same that is if you are using a bank,

as far as using your social security number to report it to the IRS I don't know about that I've had a few friends that are sold properties for gains and did not have to pay Capital taxes in the United States I believe you pay Capital Tax if your property is in the United States

Ok, so you did give your SS# but they don’t report to the IRS as far as you’ve experienced.
I am also planning to open a certificate of deposit and put 1 Million pesos there. I guess for something like that I’d need to provide my Social Security.

 

[AlterEgo]

Ok, so you did give your SS# but they don’t report to the IRS as far as you’ve experienced.
I am also planning to open a certificate of deposit and put 1 Million pesos there. I guess for something like that I’d need to provide my Social Security.

You also have to report any account with over $10,000USD in it, and pay taxes on any interest income to USA.

 

[Big]

One must pay taxes on rental income anywhere (U.S citizen) Penalties and headaches are not worth "forgetting" to file a schedule E. The IRS has more and more access to different data bases.

 

[RDKNIGHT]

You also have to report any account with over $10,000USD in it, and pay taxes on any interest income to USA.

I never have that problem because I leave all my money in the states and as I need it down here transfer in

 

[RDKNIGHT]

One must pay taxes on rental income anywhere (U.S citizen) Penalties and headaches are not worth "forgetting" to file a schedule E. The IRS has more and more access to different data bases.

big I'm a little confused where did the op say a income from rental property

 

[RDKNIGHT]

Ok, so you did give your SS# but they don’t report to the IRS as far as you’ve experienced.
I am also planning to open a certificate of deposit and put 1 Million pesos there. I guess for something like that I’d need to provide my Social Security.

just wing it and beg for forgiveness if you're wrong

 

[SantiagoDR]

You also have to report any account with over $10,000USD in it, and pay taxes on any interest income to USA.

ALL foreign accounts added together must be reported if the total reaches $10,000 U.S. or equivalent, or more at any time during the year.

Even if only for one day.

 

[Big]

big I'm a little confused where did the op say a income from rental property

He spoke of airbnb and hosting in other threads. Making monies from rentals is fine, one must report it to uncle Sam to be legal. If he purchased it and lives in it and never rents it, he will not have cap gains, I cannot imagine purchasing a vacation home and not renting it while not using it. There are other places to park monies that are way more secure and lucrative.

 

[chico bill]

ALL foreign accounts added together must be reported if the total reaches $10,000 U.S. or equivalent, or more at any time during the year.

Even if only for one day.

Not if received - only if active deposits in a bank exceed $10,000. Multiple banks no problem

 

[keepcoming]

just wing it and beg for forgiveness if you're wrong

No, not a good idea. Penalties, etc....are not worth the headache. Neither is being "flagged" for the rest of your life.

 

[Meemselle]

This is a long-simmering beef of mine. The Social Security Administration explicitly states that SS numbers are not to be used as identification. https://www.ssa.gov/ssnumber/assets/EN-05-10553.pdf

And then when some numbnuts asks me for my "social." My social what? Media? Institutions? Butterfly?

 

[keepcoming]

This is a long-simmering beef of mine. The Social Security Administration explicitly states that SS numbers are not to be used as identification. https://www.ssa.gov/ssnumber/assets/EN-05-10553.pdf

And then when some numbnuts asks me for my "social." My social what? Media? Institutions? Butterfly?

I only give mine if it is for a "credit check" (or similar) and that is only if I initiated it. Otherwise, if my social is needed, I only give the last 4 numbers. I agree with you though, we have been told for a while now that our SS#'s would not be used as an identifier. Unfortunately, our SS # is what is tied to our "credit".

 

[El Hijo de Manolo]

Life fundamentals again. I continue to be amazed at the number of folks that seem they have woken up from a decades long nap and decide to travel outside of their country.

 

[OmarN]

just wing it and beg for forgiveness if you're wrong

Haha. I’d like to educate myself before making steps.

 

[RDKNIGHT]

He spoke of airbnb and hosting in other threads. Making monies from rentals is fine, one must report it to uncle Sam to be legal. If he purchased it and lives in it and never rents it, he will not have cap gains, I cannot imagine purchasing a vacation home and not renting it while not using it. There are other places to park monies that are way more secure and lucrative.

yes Like in nvidia

 

[OmarN]

Not if received - only if active deposits in a bank exceed $10,000. Multiple banks no problem

Hey chico quick question, now that you mentioned that. What would happen if instead of receiving money to an US account, I decided to receive it at a Dominican Bank that accepts U.S dollars? Would I still have to comply to that 10,000 rule?

 

[keepcoming]

Hey chico quick question, now that you mentioned that. What would happen if instead of receiving money to an US account, I decided to receive it at a Dominican Bank that accepts U.S dollars? Would I still have to comply to that 10,000 rule?

See post #4

 

[OmarN]

See post #4

Ok so then, Who’s to say I am American and those rules Apply to me?. Im a Dominican citizen who’s renting a property and gaining capital through Rental property. Or just because I am using dollars I have to pay tue USA?