Hi,
My US entity is buying a large item ($10k +) from a US citizen (individual) currently residing abroad - wiring the funds directly to the individual. I believe they've been residing abroad for almost 1-year now. The item will be imported and used for business here in the US.
1) Do I need to have the individual provide my entity a W9?
2) If the individual says they are not required to provide a W9 (perhaps they are no longer a US citizen, or perhaps they are acting as a broker between me and the manufacturer), then what other form will I need in order to prove they are not required to provide the W9?
3) Lacking any form received from the individual, will my entity be able to expense/depreciate/write-off the the purchased item?
Thank you!!
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@Txpyr wrote:Hi,
My US entity is buying a large item ($10k +) from a US citizen (individual) currently residing abroad - wiring the funds directly to the individual. I believe they've been residing abroad for almost 1-year now. The item will be imported and used for business here in the US.
1) Do I need to have the individual provide my entity a W9?
2) If the individual says they are not required to provide a W9 (perhaps they are no longer a US citizen, or perhaps they are acting as a broker between me and the manufacturer), then what other form will I need in order to prove they are not required to provide the W9?
3) Lacking any form received from the individual, will my entity be able to expense/depreciate/write-off the the purchased item?
Thank you!!
1) No.
2) Nothing. You are not required to issue a 1099-MISC for purchasing an item. So no W-9 is needed.
3) Yes. Just get a receipt and keep proof of payment.
Thanks!
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