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Government Taxes on MMORPG profit…

Content of the article: "Government Taxes on MMORPG profit…"

Many people nowadays are making money in MMORPGs, I wonder how it works when it comes to taxes when they transform items into real life money… ? How do people that are making almost minimun wages out of it deal, for example in the US, when you must declare your income tax?

https://money.howstuffworks.com/personal-finance/personal-income-taxes/virtual-tax.htm#:~:text=An%20example%20is%20a%20MMORPG,the%20game%20cannot%20be%20taxed.

As far as I could read, WoW is a good example of what happens nowadays and seems to be what I imagine (when you convert into real life money, it is time to declare your money). But in the same link a few lines after that, they are citing profits made on Second Life virtual real state business, and apparently they can tax your profit even if you still have the in-game currency (!) because this game has a currency which can be converted easily by the government in dollars. Talking about other MMORPGs, most of them got a "currency" inside of it for transactions that you can buy specifically for transactions. The "Open-Flow System" appears to be growing bigger and bigger each day and this situation made me scratch my head and think about on what MMORPG people think about that.

Let's be honest, it is a big business for many people, but when you get in a point where your virtual stuff is so expensive that you can buy a car with, I am honestly curious on how this kind of taxation is happening, because there are many mmorpg where some items may be worth thousands of dollars…

Read more:  Hey I'm having an issue with my PS4 pro wondering if anyone can help me understand what I'm dealing with?

This text in the link also touches a part about Bitcoin – I wonder if the use of crypto currency is a trend in the MMORPG world… Any idea?

Just wanna understand this aspect about MMORPG

Source: reddit.com

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