In repsonse to Hotline tax topic

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It DOESN MATTER.

Federal guidelines(internal policies, not laws) decree that selling of virtaul property( or really any), unelss done on regular basis in amounts above $500 owed in taxes, are consdered grey market, and not subject to strict enforcement.

State guidelines probably read similar.

In other words unless you're making some seriuos cash, the government's going to bat a blind eye. How may people gross more then 5k a year? No one? Then don't worry about taxes.

Oh and BTW Even if a state deons't have income tax, if you file business papers, you have to pay business income usally, OR excise tax, no one ever deos pay the excise, and the state deons't hardly ever care.

On and BTW LL doens't have to provide W4's at the current time, becuase LL isn't in charge of the tranactions, GOM is. That woul be like Gaia having to fle W4's on Gia gold when they forbid it being sold at all. Hece GOM is the one that would have to file Stock options paper work....

NOW when LL is starting to get into the L$ trading game, that'll be differnt, but remmber, L is 1000=$3 inoder to make $500 taxable income, I'd probably have to sell roughl y15 million L IN A YEAR to make $5000 gross.

translation: Don't worry about the Bleeping taxes.

I guess this is only valid when you live in the US. Tax laws differ (a lot) from country to country, though. Actually the biggest land owner/trader in SL isn't living in the US. And neither do a lot of her assistents and competitors.

Well said, Zeta.

I wonder if SL is aware of the tax madness they will get into when they handle all currency purchasing.

For the record, a lot of people make over $5k USD a year selling L$. I won't give out too much info, but I can guarantee the number is well over a hundred.

But the server is inthe USA.. LL doens't ahve to provide foriegn documentation ,so if you are out of country there's virtualy no way to get caught.......

They may not actively seek out SL users making money from SL, but they just better hope they don't get audited if they aren't declaring it on their taxes. A lot of people get away with not declaring income until they are chosen for a random audit.

I, personally, turn to the SL forums for all my tax advice.

Did you know, for example, that income made while wearing a "The W. Rocks" t-shirt is not only exempt from taxes, but can be subtracted from your Adjusted Gross Income?

There is a new Earned Income Tax credit for income made within 0.227 furlongs of Carl Rove?

Putting a "Jenna Bush 2008" poster on your front lawn exempts you from all tax liability to the Federal, State, and Local Municipality for the next 3 years (except in AK and HI)?

Just thought I'd pass on the news.

Awesome. I'm creating an H&R Prim right away. I CAN GET YOU THAT RETURN IMMEDIATELY!*













* Payable in Payment Podium Tshirts. It is the responsibility of the tax payer to convert Tshirts to a currency appropriate to said tax payer's governing tax body. Blah Blah Blah Fineprint ad nauseum.