jordan00722
Junior Member
What is the name of your state?What is the name of your state? Washington
I was approached by 2 companies in Philadelphia that hired me to open 2 certificates of deposit in Washington for $10,000 each. They sent me 2 checks made out to the bank for $10,000 each and I deposited them. For that service, I was paid $500.
I opened the accounts in my name and ss#. They sent me a letter that I was suppose to sign and return that would take my name and ss# off the account. I didn't send it back to them yet. Who is to say they would send it to the bank?
Question: Am I liable to pay taxes for any interest they earn while my name is on the account? Their plan is to turn around in 3 months and double their money. I am the only authorized signer on the account. I personally cannot take my name off the account without one of the people from the company being present. I have had thoughts of drawing the money out and holding onto it until they contact me again. How much trouble could i get into by doing that?
I was approached by 2 companies in Philadelphia that hired me to open 2 certificates of deposit in Washington for $10,000 each. They sent me 2 checks made out to the bank for $10,000 each and I deposited them. For that service, I was paid $500.
I opened the accounts in my name and ss#. They sent me a letter that I was suppose to sign and return that would take my name and ss# off the account. I didn't send it back to them yet. Who is to say they would send it to the bank?
Question: Am I liable to pay taxes for any interest they earn while my name is on the account? Their plan is to turn around in 3 months and double their money. I am the only authorized signer on the account. I personally cannot take my name off the account without one of the people from the company being present. I have had thoughts of drawing the money out and holding onto it until they contact me again. How much trouble could i get into by doing that?