What Can I Do With an ITIN?

Today we’re going to be talking about what can you do with your ITIN.

Hey, is this Sina Bonabi from EIN Express. I’m an IRS Certifying Acceptance Agent, and I’m both trained and authorized by the IRS to help non-U.S. citizens all over the world, just like you, to successfully get their EINs and their ITINs for them.

We’ve assisted over 2,240 non-U.S. citizens to successfully get their EINs and ITINs, and we’d love to help you get yours too.

So, today we’re going to be discussing what can you do with your ITIN.

I know that traditionally people always think about an ITIN and they think, “Okay, it’s just for tax returns and bank accounts.”

And yes, that’s true.

You need your ITIN to file tax returns and pay taxes and also to open up accounts, but there are a plethora of other reasons that you need your ITIN for as well too.

Bank accounts, like we just mentioned, to open up your bank account or even your business bank account, in some cases, you need your ITIN.

Apply for your ITIN today: https://einexpress.com/itin

You Can Use an ITIN for Your Daily Function

You also need your ITIN for daily functions like applying for a credit card for your spending, or if you’re looking to get an apartment. When we want to apply for an apartment rental, you got to give them an ITIN.

They usually request an SSN or an ITIN if you don’t have an SSN as the alternative.

If you want to get a car, if you want to finance a car, they’re going to request SSN or an ITIN. These are all daily living things that you need to do, and they require the ITIN or an SSN to do so.

You Can Use an ITIN for Your Income

And then, also on the other side of it, is the income aspect. There are many different types of income.

This is where if you make, and you’re a non-U.S. citizen with no tax ID like an ITIN, that the withholding agent, who is the person who is giving that income to you, they can withhold a certain percentage of that income owed to you because you don’t have an ITIN.

I’ll give you guys some examples, would be royalties. Royalties income is people who are in the music business or other types of industries where they’re making royalty income.

That’s subject to withholding if you don’t have an ITIN tax ID.

Other examples would be rental income. If you own U.S. real estate property and you’re generating rental income from it.

Also dividends, whether they’re on the stock market or corporations. Also pensions. If you’re owed pensions, that could be subject to withholding of the income if you don’t have a tax ID like an ITIN. Also annuities and even gambling.

If you won a big poker tournament or something like that or blackjack, if your winnings are past a certain threshold as a non-U.S. citizen, if you don’t have your tax ID, like an ITIN, the casino will subject you to available withholding.

So, there are so many different kinds of incomes that people aren’t even aware of where you could be subject to withholding on them if you don’t have an ITIN. So you need your ITIN for that. And to be able to claim that income, you use your ITIN for that.

Apply for your ITIN today: https://einexpress.com/itin

You Can Use an ITIN for Real Estate

And then also there is the real estate market. We’re going through a real estate boom. And foreign, non-U.S. citizens are purchasing U.S. real estate and they need their ITINs.

For those who are looking to buy U.S. real estate and sell it, the other party acts as a withholding agent, and they can withhold the income you would generate off that property sale because you’re a foreign, non-U.S. citizen with no ITIN.

So that’s why you need the ITIN, to reduce the rate of that withholding or claim the full amount.

And then also, if you are purchasing U.S. real estate via a mortgage loan, you need the ITIN as well.

So there are so many different things.

You Can Use an ITIN For Your Online Business

And then now, with the whole e-commerce and job shift boom, let’s take it to the online part. You can use your ITIN to open up a Stripe or a PayPal merchant account and other merchants as well too.

So that’s huge.

And then you can also use an ITIN to open up an Amazon FBA as well, which is another big thing going on right now. So, there are so many different things you can use your ITIN for that not many people realize.

What To Do Next

So, I’m hoping this video was informative and helpful. And if you have any questions, go ahead and comment below.

And also, if you want to go ahead and get started with your ITIN application, go ahead and click the link below as well too. All right. Thank you.

Apply for your ITIN today: https://einexpress.com/itin