Tax Implications of Signing Up a Friend/Relative
 

Hypothetical situation.

Let's say you want to sign up for a new Party account because you want, oh I dunno.... rakeback or something. So you get your friend to agree to set up a new Party account and a Neteller account. Then the friend brings up a good point...

"I don't want this poker account in my name because then I will have to start filing your winnings on my tax forms."

Good point. Never thought of that. Assuming either you won't file the necessary forms for your friend and your friend refuses to even let you... how would you convince said friend to let you sign them up?

All suggestions welcome.

Re: Tax Implications of Signing Up a Friend/Relative
 

I think people are going to tell you this is not a good idea. But to answer your question, since Party is not based in the US, they don't need to report your earnings to the IRS. So I'm thinking the IRS will only care (or be able to detect) who is actually ending up with the money, not whose account is under whose name, as they don't really have that information. I'm not sure whether they will be able to see Party->Netteller or just Netteller->Bank, however. **DISCLAIMER: I have no idea what I'm talking about so listen at your own risk. **

Re: Tax Implications of Signing Up a Friend/Relative
 

If this really bothers you, then you should talk to a tax attorney. Really. Any advice anyone here gives you - unless they're a lawyer - won't be worth hanging your hat on.

Regards,

T

Re: Tax Implications of Signing Up a Friend/Relative
 

Tell said friend that his trips to vegas will be tax deductible as a business expense....