Selling domain

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Okay I've sold over sixty domains so I pretty much know what Im doing. However what's unique about this time is the guy wants my SSN for his companies records.

Is this a scam. Or a legit request by any major company?

 

[DnPowerful]

Don't do it. There is absolutely no reason for that. The only case where that's true is in the case of federal agencies who need you SSN in order to distinguish between money paid to national and international consultants. Happened to me. I gave it grudgingly.

In your case, don't do it!

 

[David G]

Legally they can not require your soc sec number as that is prohibited.

I will either tell him no or give him a made-up number. Since he is illegally asking for it there seems to be nothing wrong with making up a number.

Firms usually want it so they can send a 1099 Form to the IRS which could get you in audit trouble if income is not reported.

 

[bidawinner]

Realnames is on the right track..they most likely simply have to send a 1099 ..probally consider you a contract vendor of some sorts..request came from accounting most likely..

isnt internet sales still UNTAXABLE though !

BID

 

[David G]

Originally posted by Onyx Okay I've sold over sixty domains so I pretty much know what Im doing.....

You are one of the most successful sellers here. As such I was wondering if you would please tell us how you have done it so well. Thanks.

 

[Nic]

Originally posted by Onyx
Okay I've sold over sixty domains so I pretty much know what Im doing. However what's unique about this time is the guy wants my SSN for his companies records.

Is this a scam. Or a legit request by any major company?

First i have ever heard of such a thing onyx.
My advise ..... Do not even consider giving your SSN away.
Otherwise you might as well give out your CC#s and your bank account #s too.

 

[ad-lib]

Thanks everyone for your advice.

You are one of the most successful sellers here.

Hardly. I sell my domains at fractions of there true worth. A lot of $100-$200 sales. Don't get me wrong I make a decent amount of money. But nowhere near some of the members here. For instance a member recently sold Cams.com for $15k. Meanwhile my 60 domains sold a total of about $12k.

 

Originally posted by Onyx
Thanks everyone for your advice.
...
For instance a member recently sold Cams.com for $15k. Meanwhile my 60 domains sold a total of about $12k.

Do you think former cams.com owner will use it ($15k) to build his Disney swimming pool?

 

[AMERICAR]

Some body is getting 'silently' very rich in here, with Dan $$$

 

[AMERICAR]

HUH !

 

[David G]

Originally posted by Onyx Thanks everyone for your advice. Hardly. I sell my domains at fractions of there true worth. A lot of $100-$200 sales. Don't get me wrong I make a decent amount of money. But nowhere near some of the members here. For instance a member recently sold Cams.com for $15k. Meanwhile my 60 domains sold a total of about $12k.

The dollar amount is not that important, I consider the fact you sold over 60 (regardless of the sales total dollar amount) to be very significant.

Please do not use the fact none were big ticket sales as an excuse for not helping us out with your valuable sales techniques

I think someone who sold 60 domains for $12K has much more to contribute and greater knowledge than someone who sold 1 domain for $100K.

 

[ad-lib]

Okay well, my so called tips are quite obvious and hardly secrets. But I will share them anyway.

For one I use domain surfer, and overture to lookup the webmasters of particular domains. For instance if my domain is ChickenSoup.com and on Overture there is someone paying $.50 per click on the keyword "Chicken Soup" with the domain HomemadeChickenSoupRecipes.com ....
Obviously I will email that person to see if they have any interest. For two before I register any dot com, the .Net and or .Org extensions must be taken. Not only does this secure in my mind that there is a demand for the domain, but it also may lead to a quick sale and may cut out that entire first step. For three always realize your original investment was $7 (and some change). Be flexible in return emails. Accommodate there budget. If you can get a quick c-note or two. That's a 1000+% profit. For four, point all domains to an address. Do not let the domains remain dormant collecting dust and registration fees. Most end users are unaware of "who is" information. Therefore have no way of contacting you. Now I do not practice this technique. But soon will. However I have been fortunate enough to get several offers (about 10 sales in two months just through who is) out of the blue without any page. This is not recommended. But I do it, because Im not dependent upon the income of my domains. I have all the time in the world. And if I sell a domain? Good, I'll take my girl out for an extravagant night out on the town. But nothing more then that. It's not worth the effort.

Told you, no secret. Just lucky I guess....

 

[fizz]

>>I'll take my girl out for an extravagant night out on the town. But nothing more then that. It's not worth the effort.

Good tips Onyx - thanks. That last sentence made me chuckle though, LOL

 

[eeedc]

I would think twice about giving a made up number. I don' t think the IRS computer would like the made up number.

If it's a large company, just ask why they want it. Like someone said, it's probably from accounting.

But I would not give SS or tax ID number to just anyone without a real company. Identity theft does happen.

 

[Bob]

I have sold about 100 domain names and have been asked for my SSN once. The buyer was the National Hockey League (NHL). He stated that they report all expenditures to the IRS, so the money they spent on my name would be reported, and hence, I should report it to the IRS.

I am not sure of the rules governing expenditures for corporations, but I was not going to complain or fuss. . .

-Bob