Thread: taxes

Hey there guys!

I have been wanting to ask this question... Hope it's ok to bring it up. If not, delete it, I don't mind.... Anyhow, if one is making all this money from a good hyip investment or program... how do you handle the tax part of it? Does it go under extra income or gifts or,.... what?

Don't want to get in any trouble if you know what I mean?

thanks!

Originally Posted by moncheri

Hey there guys!

I have been wanting to ask this question... Hope it's ok to bring it up. If not, delete it, I don't mind.... Anyhow, if one is making all this money from a good hyip investment or program... how do you handle the tax part of it? Does it go under extra income or gifts or,.... what?

Don't want to get in any trouble if you know what I mean?

thanks!

It's a tough one...However, I think it depends on the program but if it's interest income, that is how you would claim it...However, I would only claim that which you collect/withdraw and use. As long as it's not "local" to you, the only taxes you should be due would be for the "interest" you've withdrawn (i.e. brought into your "in-country" account).

thanks! How do you keep records for the interest? Just receipts from the bank?

:)))

You should bother with tax only if it hits your bank account. If the money you are still playing with are there somewhere in e-gold or wherever you can't pay tax on it. It's not yours as yet until it's in your bank. My two cents.

Look what would have happend if we payed tax on what we had in PicPay. I would be bankrupt by now paying tax on something I never received... Good luck.

Hey there rollercoaster......

I see what you mean~*

But but but..... what records would we save or copy if we needed them for tax purposes? Anybody?

or to put it plainly... what would you do?
:)