I am receiving Unemployment Insurance Benfit and I am about to open an Day Trading Stock Account. Am I still?

I am currently receiving Unemployment Insurance Benefit and I am about to open an "Day Trading Stock Account"…that I buy and Sell stock several times per day. For some reason, I am expecting to earn some $$$ regulary…per month.

Does it consider as an "Other Income"????
Some people say it’s not because it’s an investment.

However, what i going to do is not a long term investment and there will be lot of buy, sell transactions per day. – I will be expecting some thousands of dollars per month.

Am I still eligible to receive unemployment benefits????

I am in California and……to open an stock trading account, i will submit my Social Security # and all the information.

Please advice. thank you.

Your gains will be capital gains, filed on Schedule D. You should consult a tax professional. Early, not at the last minute.

If you really make "thousands of dollars per month" that will probably disqualify you for unemployment benefits. Keep the unemployment office informed of your income. That way you will avoid an unpleasant surprise later.

As a day trader you will need a margin account and $25,000.00 minimum balance. SEC rules! While you are on unemployment some (maybe all) of the mainline brokers will balk at giving you a margin account.

Before jumping into this, you should realize that most day traders do not make money. The thousands of dollars per month you hope to make, is more likely to be a loss.