I have a complicated issue.
I produced an independent film using several investors money. The sales company wired the profits into my checking account ($297,000) I am not entitled to any of these profits, I must pay this money directly to the investors. I will be wiring this money into their accounts in the appropriate amounts.
How does this affect my taxes?
The EIN number that the sales company has, belongs to the investors company. They just used my account almost as an escrow account (although not set up as escrow) They wired the money to me, but I keep none of this money.
I produced an independent film using several investors money. The sales company wired the profits into my checking account ($297,000) I am not entitled to any of these profits, I must pay this money directly to the investors. I will be wiring this money into their accounts in the appropriate amounts.
How does this affect my taxes?
The EIN number that the sales company has, belongs to the investors company. They just used my account almost as an escrow account (although not set up as escrow) They wired the money to me, but I keep none of this money.