ExpertLaw.com Forums

Paying Taxes for Virtual Currency Swapping Stuff Deals

Printable View

  • 01-27-2011, 04:51 AM
    webgeek
    Paying Taxes for Virtual Currency Swapping Stuff Deals
    1. If someone sells or buys stuff online using a virtual currency (credits, coins...) without using real money whatsoever , and the website venue owner gets no financial benefit from this trading, so is the website owner free of paying taxes?

    2. Someone who buys goods using a virtual currency: Are these goods considered as a taxable compensation?
  • 01-27-2011, 06:42 AM
    Bubba Jimmy
    Re: Paying Taxes for Virtual Currency Swapping Stuff Deals
    Anything you receive of value that is not exempt by law from being taxable (such as child support, worker's compensation, veteran's benefits, etc.) is taxable. If you have a cost for this "virtual currency" then your income subject to tax would be the difference between the cost and the value received. This is similar to a barter situation, and barter transactions are taxable.
All times are GMT -7. The time now is 12:23 PM.
Powered by vBulletin® Version 4.2.4
Copyright © 2023 vBulletin Solutions, Inc. All rights reserved.
Copyright © 2004 - 2018 ExpertLaw.com, All Rights Reserved