NWR: Xposted on Money matters - Q about a club

reannalynne

My MIL and I started a group/club. We are not an official organization with the state or anything. We do collect dues, though.  Can anyone tell me how we can get a bank account to put the dues into? Would one of us have to claim that money on our taxes next year? Would we be better off keeping a cash kitty of the funds instead and using a reloadable visa/mc when we need to access the funds? I realize we can't open a bank account in the group name without a TIN of some sort, so that is why I am clueless as to what to do. Thanks in advance!

carcrashheart

off the top of my head-i would think that you wouldnt claim it, because it isnt income of any sort. you would just open an account under one of your names. there's a tax board on TN, they might be helpful here.