Stupid question regarding income taxes.

[jaybizzle]

If one of my friends cashes out $10,000 and signs the check over to me does he have to report this in his income taxes? He will never see the money again. What if the amount was smaller? Thanks in advance.

[jaybizzle]

I should add that the money was never his even though its his poker account. The IRS wouldn't see it that way I suppose though.

[bav]

The IRS has form 5754 just for the purpose of assigning gambling winnings to someone else. I imagine Jamie Gold filled out one of those once he settled with Crispin. Long as you have a paper trail to show how much, when, who, and why, and it's all legit, they shouldn't mind too much long as SOMEONE paid the tax on it.