Comments on: The Virtual Taxman Cometh? http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/ Sat, 11 Feb 2012 12:44:45 +0000 hourly 1 http://wordpress.com/ By: Aussie taxman after Second Life income — Shooting at Bubbles http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126393 Tue, 21 Apr 2009 07:47:07 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126393 [...] and gold farmers dodged the tax bullet only a couple weeks ago, when an American policymaker announced there’d be no taxing of income earned by activity in virtual worlds and MMOs. (At least any time [...]

]]> By: WinExtra - Aussie taxman after Second Life income http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126392 Fri, 05 Sep 2008 06:41:09 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126392 [...] and gold farmers dodged the tax bullet only a couple weeks ago, when an American policymaker announced there’d be no taxing of income earned by activity in virtual worlds and MMOs. (At least any time [...]

]]> By: GigaGamez » Archive Crafting Real Tax Policies For Virtual Worlds (What's 7% of Magic Chainmail, Anyway?) « http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126391 Fri, 23 Mar 2007 22:34:59 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126391 [...] to imagine that the items we’re referrring to add up to small change, but some people make over $20,000 a year in virtual worlds, a few much more, and they aren’t taxed. At least not in the States… for [...]

]]> By: Mark O'Neill's Radio Weblog http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126390 Sun, 04 Feb 2007 18:33:48 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126390 Second Life…

…

]]> By: uShip Blog http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126389 Mon, 08 Jan 2007 17:52:36 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126389 Truly a Second Life…

Have you heard all the buzz surrounding the virtual world, Second Life ? Essentially, Second Life is…

]]> By: Jay Parkhill http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126388 Tue, 31 Oct 2006 01:26:05 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126388 2 things come to mind as I read this:

1) If all gains would have to be reported, it sounds like every game/world developer would need to 1099 every subscriber annually with a statement of virtual earnings. Game companies would become almost as highly regulated as banks.

2) The more fun question is: if my WoW avatar is a thief, would I need to report my stolen (virtual) goods to the IRS? How would I schedule that on my tax return?

Jay Parkhill

]]> By: TomB http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126387 Mon, 23 Oct 2006 14:10:16 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126387 “the real issue that will impact them medium term, I believe, is possible money laundering.”

I have this image of Tony Soprano and Osama Bin Laden sitting down to a game of World of Warcraft…

]]> By: Jesse Kopelman http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126386 Fri, 20 Oct 2006 19:59:02 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126386 Russ, you are right that this covered by existing rules, but the real issue is enforcement. The IRS doesn’t want to have to check on individuals, but see an easoer target in people running the worlds in which the virtual economies exist — force 2nd Life and others like eBay to help them keep track of real money changing hands. Clearly this is very complex (but something completely electronic systems are good at) and without the “moral imperative” of gambling, sex, or drugs, I don’t see the government having the will to make any serious plays any time soon. Now if the people warning of online gaming adiction start gaining political ground . . . watch out!

]]> By: Russ http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126385 Fri, 20 Oct 2006 16:47:50 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126385 It seems to me that if you are involved in an activity be it a hobby or small business. If you make money doing it the IRS has rules about declaring that income. We don’t need additional regulation or taxes handle this issue. Once again congress is wasting it’s time on issues that are already handled by existing regulation and laws.

]]> By: alanp http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126384 Fri, 20 Oct 2006 12:08:51 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126384 Oh..and there is also the linden dollar trading on eBay

This can be easily arbed from other countries for eg buy in £, sell in $.

]]> By: alanp http://gigaom.com/2006/10/20/the-virtual-taxman-cometh/#comment-126383 Fri, 20 Oct 2006 11:43:21 +0000 http://gigaom.wordpress.com/2006/10/20/the-virtual-taxman-cometh/#comment-126383 We did a small piece of work on the economics and tax implications of 2nd Life in June…the real issue that will impact them medium term, I believe, is possible money laundering.

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