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The Eternal Taxing Question
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Posted by: forwardone
It seems that this is one of the eternal questions about HYIP`s.
When is tax due on HYIP earnings?
Are they viewed as gambling winnings, or as interest from investments?
If tax is to be paid, is it when the interest is first credited to you account by the program, or when it reaches your e-gold type account, or when it finally reaches your own bank?
I`ve seen literally hundreds of posts on this topic in the forums, but not one definitive, conclusive answer. The problem is further compounded by the fact that taxation rules vary from one country to another.
Any takers at all?
BTW, if you`re a US. citizen you might find this report of some interest.
http://www.escapeartist.com/passpor...ort_facts3.html
Geoff