Do I have to pay taxes if I have large amount of deposited in Bank of America?[Part 2]?

Question by sb_st2004: Do I have to pay taxes if I have large amount of deposited in Bank of America?[Part 2]? I want to thank you for your answers...


Question by sb_st2004: Do I have to pay taxes if I have large amount of deposited in Bank of America?[Part 2]?

I want to thank you for your answers in my first question.

http://answers.yahoo.com/question/;_ylc=X3oDMTE1MmI4N2IyBF9TAzIxMTU1MDAxMTgEc2VjA2Fuc19ub3QEc2xrA3N1YmplY3Q-;_ylv=3?qid=20080713131101AAcKD1b

Here, I just want to explain that the source of the income, so you can understand and help me easier.

I have a friend in Vietnam. He’s trying to sell stuff on ebay but PayPal in Vietnam doesn’t really work and not everybody have Credit/Debit card also.
So, he wanted to borrow my PayPal and start selling things on ebay and amazon, and at the end of the month, I’ll help him send the money in PayPal to him.

**First: The money in PayPal which is transfer to my Bank is not 100% income (you need to minus this to the capital money to get the income, right?)

**Second: This is not my money, this is his money. Although I know I have to have responsibility for the money in my account >.<

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So, what do you say? ... I hope my situation is not really complicated.

Answer by stan c
Bad idea. Never get involved with friends or family when it comes to money. At the end, you will get burnt.

2 Responses to “Do I have to pay taxes if I have large amount of deposited in Bank of America?[Part 2]?”

  1. Valerie says:

    Your situation is very complicated. The IRS will not say “oh okay, as long as you’re just helping out a friend”. The state you live in may also be owed tax. At the very least they will say you have undeclared income on which you owe not only taxes but interest and penalties. They may even say you are laundering money. I wouldn’t worry about the tax consequences as much as I’d be worried about possible criminal consequences. Make an appintment with an accountant or at the least call the IRS, without giving your name, and get some advice.

  2. Invisigoth says:

    that old “I’m only doing it/holding it/keeping it” for a friend excuse didn’t work on your mother either. All the government sees is you are getting money that they weren’t given their cut of.

    please pay attention to Valerie’s response and get yourself out of this situation ASAP. Let your friend open his own paypal account.

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