I know this topic may have been posted before, but I am new here and don't know how to navigate the site too well yet.
I had a question about all this great HYIP stuff. I'm sure many people choose to hide funds in offshore bank accounts etc. I'm planning on doing similar things such as debit cards etc. My question was....IF one were to chose to be legitamite about all the money he\she would be getting from HYIPs, how do you claim money for taxes. Is it considered online gambling winnings or what? There is obviously no documentation such as 1099's and such so how is one to go about legitamitely claiming money for taxes..
I don't plan on doing so in the begining because ther eis no telling how much or how little i will make, but for future reference can anyone of you "pros" help me out? Thanks!
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MoneyMakerGroup > MoneyMaking: Markets, Real Estate, Banking, and Investments > Personal Finance > Taxes & Legal Discussion
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QUOTE(ertony @ Apr 16 2006, 06:42 PM) [snapback]1898280[/snapback] I know this topic may have been posted before, but I am new here and don't know how to navigate the site too well yet. I had a question about all this great HYIP stuff. I'm sure many people choose to hide funds in offshore bank accounts etc. I'm planning on doing similar things such as debit cards etc. My question was....IF one were to chose to be legitamite about all the money he\she would be getting from HYIPs, how do you claim money for taxes. Is it considered online gambling winnings or what? There is obviously no documentation such as 1099's and such so how is one to go about legitamitely claiming money for taxes.. I don't plan on doing so in the begining because ther eis no telling how much or how little i will make, but for future reference can anyone of you "pros" help me out? Thanks! Well if you dont plan on doing anything why ask questions you dont need answers too? hmm? QUOTE(ToOldToWorry @ Apr 16 2006, 08:02 PM) [snapback]1898367[/snapback] Well if you dont plan on doing anything why ask questions you dont need answers too? hmm? If you would read the whole post before your jump to your ignorant conclusions... I stated "For Future Reference"....and I also stated I would not be claiming for taxes "AT FIRST". Now some help please from someone NOT looking to try and insult people....Thank You 
QUOTE(ertony @ Apr 16 2006, 08:08 PM) [snapback]1898398[/snapback] If you would read the whole post before your jump to your ignorant conclusions... I stated "For Future Reference"....and I also stated I would not be claiming for taxes "AT FIRST". Now some help please from someone NOT looking to try and insult people....Thank You Schedule C forum. Your tax guy/girl can set you up with the proper paper work ... or you can do it yourself. QUOTE(ertony @ Apr 17 2006, 03:08 AM) [snapback]1898398[/snapback] If you would read the whole post before your jump to your ignorant conclusions... I stated "For Future Reference"....and I also stated I would not be claiming for taxes "AT FIRST". Now some help please from someone NOT looking to try and insult people....Thank You see this site for info: http://freedomclubusa.com
Interesting website. I've bookmarked it and I'm navigating through it slowly. There's a lot of info here, although I sure that you need to do further research on any advice given here to make sure it is accurate and legal.
not to pimp another forum, but this 36 page thread has some excellent information: http://www.talkgold.com/forum/r2946-.html
above all, consult a cpa and/or irs.gov |
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