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| *Loan,banking and credit>>>tax accounting |
Am I respondsible for taxes on money deposited into a bank account in my name? |
A friend want me to deposit his company's checks into my own bank account. My friend will pay me for the service. I am being told that taxes have already been paid on the money. I am concerned that he is trying to avoid something but I do not know what it could be. My friend lives in England and the money will be coming in Bank and Traveler's Checks. I do not want to be stuck with taxes on this money. If any money is going into your account, it's your responcibility to legitimize it. Once it hits your bank it's yours. Let him know if it is deposited in your account it will be considered your income and your tax burdon. You have the right to put any money you want into your account and the responcibility to conduct banking business in legitimate way. Bottom line ...If he deposits the money into the account, the taxes will be paid directly from that deposited money, or money set aside for any service charges, taxes, etc. and it's all on you! Sounds like a novice money launderer or a very evil so-called friend. More than likely a S.A.R.C. ( suspicious activity report ) has been filed already . Sounds like your friend is avoiding the taxes himself and scamming you. Tell him to open his own bank account. That is just bad accounting practice anyway to mix business money with company money. Don't do it. If you have an interest bearing checking account, and you earn over ten dollars of interest in one year, then yes, you will need to report that on your taxes. yeah at the end of the year, u will have to report any misc.. income and that money that "just came in and left" will be asked about . I also know that my "local bank, with like 2 branches", counts this as suspisious activity, so i dont know how other banks react to this. I suggest u call your bank first. hope nothing bad happens 2 u for trying to do something good., I believe that you will be responsible for any interest that the money deposited into your account earns. But I would ask serious questions about why he wants to deposit money into your account. He deposits checks in your account then you send him checks? Sounds like money laundering. I would check out the definition below and ask specific questions of your friend based on his answers, make your decision. http://en.wikipedia.org/wiki/money_laund... |
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