A friend and I are buying a property together. My friend does not live in my state, so he sent me a cashier check for $40K payable to my name. The bank asked him for my social security number to make the check. I need to deposit the check in my account so that I can make a joint check to but the entire property.
Is there any TAX consequence for me having that $40K (which is not mine) in my account. In April 2014, am I going to have any issues reporting the $40K coming in and out of my account?
Can I keep the cashier check on my name, and just sign the back of the check to the owner of the property?
Any help will be appreciated...