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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55442
Experience:  29 years of experience as a tax, real estate, and business attorney.
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We had a property insurance claim with our insurance company

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We had a property insurance claim with our insurance company due to some property loss. We filed a claim and now we have a settlement of $12,000. The insurance company asked us for a W9 form before they send the check. We are a small LLC company with EIN #. Do I need to provide them with a W9 form?"

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. You are required to provide them with this information. It doesn't make it taxable to you because you are simply being compensated for a loss you suffered, but the insurance company is required to report the payment to the IRS and thus requires your EIN.

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Thanks for allowing me to be of service to you. Please be
aware that the information provided here is not legal advice. Rather it is
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Customer: replied 4 years ago.

Do you know if I need to tell them to write a specific language on the check. For example: "this payment is for compensation of a loss" or any other statement?

You do not. It's not relevant.
Customer: replied 4 years ago.

Is it ok to ask them to provide 2 checks each $6000 so each deposit to the bank account is less than $10,000?



Yes...that is perfectly acceptable.
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