hyips & auto surfs

[deacon]

I just wanted clarification on how to file income tax for profits realized from high yield investment programs & auto surf programs . would the income be considered capital gains or income realized from gambling-how should it be listed on the return ? also how are invested $ treated while active ? im assuming at this point that they are only taxable when they are transferred to ur bank, am I wrong ? For example -egold accts. If gold isnt sold for us currency is it actually income or is it considered a profit even at that point? Great questions HEH?lol ps-the state is NJ if that matters

[seniorjudge]

Originally Posted by deacon

I just wanted clarification on how to file income tax for profits realized from high yield investment programs & auto surf programs . would the income be considered capital gains or income realized from gambling-how should it be listed on the return ? also how are invested $ treated while active ? im assuming at this point that they are only taxable when they are transferred to ur bank, am I wrong ? For example -egold accts. If gold isnt sold for us currency is it actually income or is it considered a profit even at that point? Great questions HEH?lol ps-the state is NJ if that matters

Have you actually made any cash dollars on these scams?

[deacon]

I opended the thread & didnt see any reply to my question -can u help? yes or no? ty-deacon

[LdiJ]

Originally Posted by deacon

I just wanted clarification on how to file income tax for profits realized from high yield investment programs & auto surf programs . would the income be considered capital gains or income realized from gambling-how should it be listed on the return ? also how are invested $ treated while active ? im assuming at this point that they are only taxable when they are transferred to ur bank, am I wrong ? For example -egold accts. If gold isnt sold for us currency is it actually income or is it considered a profit even at that point? Great questions HEH?lol ps-the state is NJ if that matters

When you make an investment that pays interest, the interest is taxable income as interest.

When you make an investment that pays a dividend, the dividend is taxable income as a dividend.

When you make an investment, and you cash out all or a portion of the investment, any gain that wasn't previously taxed as interest or dividend income, is a capital gain.

Gambling income is gambling income. Playing the stock market is not gambling. Its either dividend income or capital gains.

Autosurfing would probably be considered self employment and would be reported on schedule C.

[deacon]

ty for ur timely response I really app it-But i still am confused- srry-so would it be filed as capital gains under -investment income ? What would it actually be called & what records should i keep? TY again!

[LdiJ]

Originally Posted by deacon

ty for ur timely response I really app it-But i still am confused- srry-so would it be filed as capital gains under -investment income ? What would it actually be called & what records should i keep? TY again!

You need to go get a consult with a local tax professional. We aren't getting enough information here to answer your questions, and you don't understand enough about what you are asking to understand the basic answers that we are attempting to provide.

Go see someone local and take your paperwork with you.