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  1. #1
    Join Date
    Jan 2011
    Posts
    1

    Default 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?

  2. #2
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    2,344

    Default 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.

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