Tax Question

[odawg09090]

So I used my friend's account to play poker back in the good ol' party days. Because of this, I had to use his account to cash it out (didn't wanna go through the hassle of transferring and changing accounts, etc.). The check from Neteller went to him and then he deposited it into his bank account and gave it to me as a bank check. I then deposited it into my account.

So obviously, I need to report this as income, but what should my friend write on his tax form. I don't want him to have to pay 40% taxes on it.

[justin]

whoever's money it is reports it. I'm facing similar situation with party to get rakeback used freinds account as long as you report it he doesnt have to. This is what my cpa told me not my personal opinion.

[break0ut]

Your friend may have to fill out form 5754, I would recommend seeing a CPA or tax specialist to help with your case.

[odawg09090]

Thanks for the replies so far. Any other thoughts?

Do I need to hire a CPA or can I do it by just listing it as an expense.

[plasphemy]

IMO... Your friend shouldn't put anything on his tax return.

In the unlikely event he was audited, a signed letter from you and the fact that the funds were sent to you via a check should be enough to clear up any problems.