by the way ... is BCST taxable?
If the tax man knows you are making 7% per week, the tax man wants his cut.
ALL capital gains are taxable!! We have had these tax discussions many, many times already. When in doubt, ask your accountant/CPA.....
@Buluna, it is very much likely your WOW gold will eventually be taxed. You seem to not be keeping up on the IRS and tax laws. New blizzard RMAH, while it may not get taxed directly, if you cash out through Paypal you will find yourself falling under their newer reporting requirements. Which right now are still $20k before they 1099-K you(citation neeeded). Same with Amzon for example, " Re: Does Amazon Send You A 1099/ Here it is straight from Amazon
Posted: Apr 20, 2011 3:46 PM in response to: jgreen30 Reply
Hello to All ,
Amazon sent me the following :
Hello from Amazon,
We're writing to let you know about new Internal Revenue Service (IRS) regulations that may impact your seller account.
Beginning with the 2011 tax year, new IRS regulations require that U.S. payment processors, including Amazon, file Form 1099-K for sellers that exceed $20,000 in gross sales and 200 transactions in a calendar year. The regulations also require that registered sellers (regardless of account status and sales volume) have taxpayer identification information on file in order for backup withholding not to apply on gross sales."
Just 2 examples. You may say, "well, I only make $1200 whole year from RMAH sales, or BTC sales". Do what you want but legally you should be reporting it imho.
Yes, I filed last year and will file this year my capital gains/losses from Bitcoin related activies..