Account in sibling's name

StringerBell · #1 05-07-2005, 05:30 AM

First time user- forgive me if a similar subject has been discussed before, but I couldn't find it in my searching.

I have a poker account in my sibling's name that has a lot of money in it I would like to cash out. If I cash out a check to my sibling's name, who then signs the check over to me, is the money double counted (for tax purposes) as income for both of us, or just for me?

bandfan · #2 05-07-2005, 05:34 AM

im too drunk to respond to your post, i just wanted to say i really like the login. too bad he's gone next season, huh?

spoohunter · #3 05-07-2005, 05:53 AM

Have your sibling declare the income as a gift to you.

StringerBell · #4 05-07-2005, 06:02 AM

Would that mean I get off the hook for taxes but my sibling still has to pay? Because that's sort of the opposite of what I'm hoping for: I'd rather my sibling not have to mess with it at all.

warlockjd · #5 05-07-2005, 06:04 AM

Start your own account, transfer money to you, then cashout, pay taxes

StringerBell · #6 05-07-2005, 06:16 AM

I have my own account, but the transfer limit is so low that it would take forever to get the money across.

StringerBell · #7 05-07-2005, 05:17 PM

Does no one know the answer to my question?

AngusThermopyle · #8 05-07-2005, 05:25 PM

[ QUOTE ]
I have my own account, but the transfer limit is so low that it would take forever to get the money across.

[/ QUOTE ]

If there is that much money involved, take same and talk to a tax accountant/lawyer.

balkii · #9 05-08-2005, 02:36 AM

create a neteller account in your siblings name and link it to your bank account.

StringerBell · #10 05-08-2005, 01:57 PM

Thanks balkii, I think that might work.