Assuming it is a trusted transaction between friends. Just remember.
This ain't the IRS's first rodeo. It is, however your first rodeo. They know the game and virtually every way it can be played. You know virtually nothing.
That being said, the least obtrusive method is for him to send you a personal check and you deposit it like you would a paycheck. Since you are not going to be using the money, the clearing time won't matter and you can transfer it to a savings account or CD in the same bank after it clears.
What I don't get is why is he involving you in this at all? Why doesn't he simply call the bank and open an account in his own name, mail a signature card in and do a bank transfer from whatever account the money is currently in to this new account? If this is a sizeable amount of money, it could cause you all sorts of unforeseeable problems IMO, though I'm no accountant or tax expert.
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