Have You Remembered To File Taxes On Your Computer Game Items?
Yes, you heard correct. IRS in different countries like the US and Scandinavia doesn't care if the currency is digital or virtual. They want their taxes. And since they are so darn keen on demanding that crypto owners pay tax on speculative funny-money created by code, and they literally say they demand taxes from VIRTUAL money..welll..time for all the WOW-players and other MMO players playing computer games where in game items are tradable commodities that can be bought and sold for real money.
Yup..you heard it: Time to backtrack all your trades in the virtual marketplaces, all swords given to n00bs, every item crafted and sold. It's potential money you see. If you sold your Master Shield Of Destruction + 5 to KillerBoy2837 in WOW for 10USD, you owe taxes on that sale.
This is not a joke, even if it of course will be treated like one. It is of course impossible to police virtual currencies, but it just shows the absurdity in taxing digital and virtual currencies.
I agree, do you think people pay tax when selling items on a garage sale or Craigslist!
No, of course not :)
If a find a 5p coin in the street do I need to record it and then submit the sum of found money at end of tax year? Sorry just taking the piss like the tax services!
Yeah, you should definitely do that. And every time you hand over some coins to your spouse for her to buy some food, you should record that - because now the currency has changed gender. It's now a She-coin and not a He-coin.
How do you go about that if you're in a relationship with a transsexual?
(Im not)
I just showed everyone in my Hostel this post and they are absolutely furious! Big Gov can suck a fat one!