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posted by
LaminatorX
on Wednesday March 26 2014, @08:40AM
from the you-know-you've-arrived-when dept.
from the you-know-you've-arrived-when dept.
gishzida writes:
Reuters reports, "Wading into a murky tax question for the digital age, the Internal Revenue Service said on Tuesday that virtual currencies such as Bitcoin are to be treated as property for tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency," the IRS said in a statement."
Better put that BTC wallet in a mattress.
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IRS: Virtual Currencies are Taxable
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(Score: 5, Interesting) by Koen on Wednesday March 26 2014, @09:28AM
So, what does this mean for InterStellar Kredit (ISK) in EVE Online? Due to PLEX (Pilot's License Extention) it has a real-world value.
Next, what does this mean for spaceships in EVE, since due to ISK and PLEX they have a real-world value?
Then, what does this mean for WoW gold? Officially it has no real world value, but due to gold farmers and black market it has.
Will they tax a virtual Vorpal Sword? An avatar?
On the other hand: what is the difference between Bitcoins and a number in the database of an officially licensed bank?
/. refugees on Usenet: comp.misc [comp.misc]
(Score: 2, Interesting) by Anonymous Coward on Wednesday March 26 2014, @09:36AM
If any of those items are exchanged for cash, you should pay tax when you sell them.
(Score: 3, Informative) by VLM on Wednesday March 26 2014, @10:16AM
The taxation stuff is moderately interesting, but the real excitement is we have a whole civil law structure oriented around ownership and exchange of assets... so that ship in Eve is an asset with a dollar value, and its destruction could very well involve IRL lawsuits. And not just destruction in the course of normal play, but double crossing secret agent stuff, and the games owners nerfing a feature. The EULA must be interesting.
Also I haven't played EVE since 2006 but when I did, they had something of an unregulated commodities market in game trading assets which apparently now hold real value. One aspect of my gameplay in noob land was buying ground up asteroids cheap at the end of the USA day at a depressed price and re selling the commodities to anyone thru the day especially before the USA players started playing. Guaranteed money maker, although not much, and was kind of boring. Anyway I guess statute of limitations has expired but I theoretically owe cap gains on my commodity trading of real world assets in Eve back in '06.
On a meta issue I never understood those guys who would grind asteroids and then sell when everyone else was selling at the end of the day, and the builders who always bought at the start of their day. Why do you guys like buying high and selling low? So I'd do the opposite. Its much like the housing market or retail stocks, J6P only buys those after they go up, and only sells them after they've gone down. Which is why they're poor.
(Score: 0) by Anonymous Coward on Wednesday March 26 2014, @12:39PM
I'm running out of time to do my taxes.
Someone meet me in lowsec, I need to lose a fleet of battleships.