Archive for June, 2008

How can I have someone’s money in my bank account and prove in case of a tax audit that it’s not my money?

My cousin is leaving to Mexico and asked me to keep his $10,000 until he comes back. I know theres a certain amount that if deposited to any account, the bank reports it to the IRS. How can I prove in case of an audit that I was just holding it for a while and [...]