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Get your taxes done using TurboTax
when you receive income that belongs to someone else, you are a nominee.
the correct way to do it is to generate a 1099 form for the owner(s) showing their share of the money and also a copy to the IRS.
I don't have the IRS pub that details this here but you can look it up on IRS website.
March 1, 2021
8:11 PM