I have a friend who has inherited $10,000 from his grandmother. He does not have a current bank account. If I deposit his check and cash it for him once it clears, do I need to report anything on my tax return?

ANSWER

Expert Barbara Blacklidge's Answer:

There is no reporting requirement to deposit money into your account and give your friend the cash. My best advice, however, would be to keep copies of all of the paperwork (check, deposit slip, cash withdrawal slip) for you records. Please let me know if I can assist you further. Thank you and best regards, Barbara

Barbara Blacklidge, EA

Florida

17 yrs experience

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21 Ans.