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Are You Rich In VMK? The IRS Might Want To Talk To You

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  • Are You Rich In VMK? The IRS Might Want To Talk To You

    Interesting article today about taxing virtual wealth. As long as the IRS accepts virtual tax checks, I can live with it. (Article talks mostly about WoW and Second Life).
    http://news.yahoo.com/s/nm/20061016/...NlYwN5bmNhdA--


    Article from Reuters - Oct 17, 2006
    Virtual Economies attract real-world tax attention
    LONDON (Reuters) - Users of online worlds such as Second Life and World of Warcraft transact millions of dollars worth of virtual goods and services every day, and these virtual economies are beginning to draw the attention of real-world authorities.

    "Right now we're at the preliminary stages of looking at the issue and what kind of public policy questions virtual economies raise -- taxes, barter exchanges, property and wealth," said Dan Miller, senior economist for the Joint Economic Committee of the U.S. Congress.

    "You could argue that to a certain degree the law has fallen (behind) because you can have a virtual asset and virtual capital gains, but there's no mechanism by which you're taxed on this stuff," he told Reuters in a telephone interview.

    The increasing size and public profile of virtual economies, the largest of which have millions of users and gross domestic products that rival those of small countries, have made them increasingly difficult for lawmakers and regulators to ignore.
    Last edited by BigPigletFan; 10-17-2006, 02:37 PM. Reason: add article
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  • #2
    Re: Are You Rich In VMK? The IRS Might Want To Talk To You

    oh god ill try to stop my dad works for the IRS heh i am going to hide my rare stuff! :unsure:
    IRS--------->:mob:<------us rich vmk people



    -------edit------
    isnt this only for games where you pay for your stuff??
    Last edited by ROCKINGEMAN; 10-17-2006, 02:33 PM.


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    • #3
      Re: Are You Rich In VMK? The IRS Might Want To Talk To You

      I think part of that stems from that fact that in other online games you are paying to play and are making a "profit" from it. While with VMK, you aren't exactly paying for anything. The game is free and the profits are quite minimal - most often only your own satisfaction of accomplishing your own goals. (Sure, some sell things on ebay, but the reality is that most don't.)

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      • #4
        Re: Are You Rich In VMK? The IRS Might Want To Talk To You

        What a world!

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        • #5
          Re: Are You Rich In VMK? The IRS Might Want To Talk To You

          Wow, Um suddenly my Cyan Ariel Chest doesn't seem that great an item. :lol:

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          • #6
            Re: Are You Rich In VMK? The IRS Might Want To Talk To You

            There must be something missing here. If these other games (and I'm not familiar with them) provide a way to make actual real-world money, then maybe the IRS might have some interest.

            Otherwise, if they want to evaluate my pictures of stuff and count my...uh...well, I don't even have a picture of my credits do I!?

            If they want to count my credits and assess me accordingly, I will gladly provide them with a picture of a check.
            "Yesterday, a man walked up to me and said, 'Isn't it a shame that Walt Disney couldn't be here to see this?' and I said, "He did see this, that's why it's here."
            -Art Linkletter July 17, 2005-


            When you wish upon a star your dreams come true.

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            • #7
              Re: Are You Rich In VMK? The IRS Might Want To Talk To You

              I'm not quite sure I understand the line of thinking. Clearly, if you sell stuff on ebay for $500, and it cost you nothing to get it (could you use that to write off APs or DLP stays to get quest cards and Stitch sets?), then you clearly have $500 in taxable income. But I almost think that they are thinking more along these lines:

              Say you win inferno in a host game. Inferno is sellable for $300 to $500 on ebay and other places. Do you have taxable income?

              I tend to think that this is more like passing Go! in Monopoly, but the IRS might disagree, claiming that you earned something that has actual value to a disinterested observer. Is there real value there? I know this. I've told my parents that if me and my family ever die in a plane crash, they should grab my VMK passwords and start selling my inventory on ebay. They'd get enough to pay for the funeral.
              Fight On!:sc: Beat the Red Wolves!

              Tom Chaney Memorial Debate Lounge Quote of the Week:

              [None]
              The brick walls are there to stop the people who don't want it badly enough - Randy Pausch

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              • #8
                Re: Are You Rich In VMK? The IRS Might Want To Talk To You

                Some games (like the sister game to VMK made by sulake) require you to pay for stuff.. vmk gives it away free..

                nothing to be taxed on free virtural items... of course you will be buying pins soon for free cards..

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                • #9
                  Re: Are You Rich In VMK? The IRS Might Want To Talk To You

                  Oh my, God! Are they crazy or something? They're seriously nuts!

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                  • #10
                    Re: Are You Rich In VMK? The IRS Might Want To Talk To You

                    um... I'm not sure I quite understand this... could someone explain? I read the article... just blankin' out here..

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                    • #11
                      Re: Are You Rich In VMK? The IRS Might Want To Talk To You

                      Originally posted by WDWGirl View Post
                      um... I'm not sure I quite understand this... could someone explain? I read the article... just blankin' out here..
                      same here...
                      JamiPrincess on VMK
                      :yea:

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                      • #12
                        Re: Are You Rich In VMK? The IRS Might Want To Talk To You

                        What if all my "richity" comes from my parents doing the quests too and me finding 20 extra tickets on the ground around the park?

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                        • #13
                          Re: Are You Rich In VMK? The IRS Might Want To Talk To You

                          Well, so am I! I didn't read the article either. I just think it's just weird.

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                          • #14
                            Re: Are You Rich In VMK? The IRS Might Want To Talk To You

                            Originally posted by barfownz View Post
                            What if all my "richity" comes from my parents doing the quests too and me finding 20 extra tickets on the ground around the park?
                            LOL. Pretty nice! Especially the "finding 20 extra tickets on the ground" part!

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