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| *Ostroff, Fair and Company>>>Other Taxes |
Will I be taxed on this money? |
I have a friend in Romania that runs a small internet business. he has asked me to provide a epassporte rechargeable visa card (www.epassporte.com)"The ePassporte Virtual Visa is exclusively for use online and is accepted at any Internet merchant website that accepts Visa." This is not a credit card and can be used to transfer funds from one persons card to another. My friend will be using it to get money faster transfered from his customers to his bank. This card is issued from the netherlands, but my name will appear on the card and I will tranfer the money from this card to his bank. Will I have to claim this money as income and be taxed on it? This is not a credit card! it is a rechargable card No, you won't be taxed on this money. It is not your gain because you transfer the same amount of money out from this card. No you should not be taxed on thes monies. If the money is transferred from your account or card and resides in his account, then he is to report that income and will liable for taxes, not you, so wipe off the sweat beads. Accounting Assistant/Tax Professional |
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