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jar0228r | 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.
Additional Details
Will my friends lives in the uk he said that i would be the only employee in the us.
and he will contact all his contacts in the us to send me the payments for his company, once the checks get cleared in my bank i keep a fee and send him the rest. |
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twostories
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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 . |
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yamahaman
 |
Any interest earned on the money will be reported to you as income and you will have to include it on your tax return. That is the answer to your question, but...
There is something fishy about this and you should say "no thank you". First you say he wants his company checks deposited, but then you say it will be coming in Bank and Traveler's checks. There is no need to do this in this manner, therefore, something is not right. Bank and Traveler's checks are supposed to be like cash, unless they are stolen or forged. Why would your friend need you to deposit them, if they were legitimate? They could be cashed at anytime, at most anywhere when money was needed.
You are being set up for a scam and I would be questioning the integrity of your "friend". |
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Phoenix, Wise Guru
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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. |
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wildand5150
 |
You will regret it. |
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Jay E.
 |
I would politely decline your friend's offer.
You already suspect something is fishy about this deal. That should be your first reason to say no.
Secondly, in this age of heightened security, bank accounts are watched pretty closely for suspicious activity, and I would say that bank checks and traveler's checks from another country being deposited in your account looks quite suspicious.
Frankly, whether or not the money has been taxed may be the least of your worries on a deal like this. It smells of money laundering. You might have the FBI and Homeland security, as well as the IRS, knocking on your door. |
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Wayne Z
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Don't do it!!!!!!!!!!!!!!!!!!!!!!
It sounds like your friend is falling for a scam. If the checks bounce after the money is withdrawn (as many do), you will be stuck owing the bank back the money.
Taxes will be the least of your worries.
------------------------
".....send me the payments for his company, once the checks get cleared in my bank i keep a fee and send him the rest....."
THIS IS DEFINITELY A SCAM. Do not do it. Your "friend" is trying to rip you off! |
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ImaYam
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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. |
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DeeDee
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first of all, if your bank account earns interest, this will definitely be credited to your social security number.
It is my understanding, that a bank would not allow a deposit into your account of a third party check, unless it was endorsed by the payee.
Your friend may be attempting to avoid a garnishment or asset hearing, and you should steer clear of this "deal". |
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dani
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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. |
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GOP
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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. |
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