What r the tax/legal issues in putting friends money in my account?

Question

What r the tax/legal issues in putting friends money in my account?

Answer 1

If the account gains any interest you are responsible for the tax on that interest.  There could be some reporting issues when you take it out. And you may have to explain where the money came from if you were audited.  There could also be issues regarding why you and he want to do this.

Answer 2

How much money are you talking about?? $100, 5,000, 10,000 plus?

Are you planning on opening up a money market account or cd account or just checking??

I need more details to answer your question correctly.