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Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
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Old 01-27-2002, 01:58 PM
Mister D
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Question

When reporting income conflicts with privacy.


1) i'm in michigan.

2) i started participating in high yeild interest programs, during the mid 90's, with "no disclosure" privacey requirements in the contract.

3) i may, or may not, end up realizing a serious, yearly income from this, within the next five to ten years.

4) the group offers no tax advice.

5) the funds stay put, and repeatedly roll over, into new investments...they are not available, like cash at a normal bank.

now, my questions.

1) should I simply wait until I start receiving a substantial yearly income, then hire a lawyer to advise me, and handle the matters of tax liability?

2) how does one report income, without revealing the source, and without causing attention to it (even if it's done repeatedly, year after year, and accounted for all, or most of my yearly income)?

3) how would one do the same, even amidst an IRS audit?

I'm just starting to search around, do some research, and get aquainted with my options, right now.

Thank you!
  #2  
Old 01-30-2002, 11:05 AM
Mister D
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...Anybody have any experience in this, or anything similar?
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