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ISK is now taxable by the IRS

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Jack Tronic
borkedLabs
#1 - 2014-03-25 22:47:07 UTC
Per IRS rulings, all virtual currencies are now taxable as properties.

http://consumermediallc.files.wordpress.com/2014/03/n-14-21.pdf

"Virtual currency that has an equivalent value in real currency, or that acts as a
substitute for real currency, is referred to as “convertible” virtual currency"

Better start pumping the ISK into offshore accounts.
March rabbit
Aliastra
Gallente Federation
#2 - 2014-03-25 22:48:02 UTC
what is IRS and why should anyone care about they stupid ideas?

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Mr Epeen
It's All About Me
#3 - 2014-03-25 22:48:42 UTC
Another reason I'm happy to be anything but a U.S. citizen.

Mr Epeen Cool
Lucas Kell
Solitude Trading
S.N.O.T.
#4 - 2014-03-25 22:53:35 UTC
They are talking about bitcoins and the like. ISK isn't a convertible currency. It's a number that CCP hold on your account, which they own the rights to entirely.

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stoicfaux
#5 - 2014-03-25 23:00:44 UTC
Lucas Kell wrote:
ISK isn't a convertible currency.

EVE. You're playing it wrong.

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TigerXtrm
KarmaFleet
Goonswarm Federation
#6 - 2014-03-25 23:08:36 UTC
Jack Tronic wrote:
Per IRS rulings, all virtual currencies are now taxable as properties.

http://consumermediallc.files.wordpress.com/2014/03/n-14-21.pdf

"Virtual currency that has an equivalent value in real currency, or that acts as a
substitute for real currency, is referred to as “convertible” virtual currency"

Better start pumping the ISK into offshore accounts.


ISK doesn't have an equivalent value in real currency because ISK can not be legally converted into real currency. There is only theoretical value if you reverse calculate the price of a PLEX against its value in ISK.

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Dinsdale Pirannha
Pirannha Corp
#7 - 2014-03-25 23:09:06 UTC
Lucas Kell wrote:
They are talking about bitcoins and the like. ISK isn't a convertible currency. It's a number that CCP hold on your account, which they own the rights to entirely.


LOL...I am sure there are an number of null sec cartel leaders who might be consulting tax lawyers if that document is accurate and legit.
Forum Clone 77777
Doomheim
#8 - 2014-03-25 23:11:00 UTC
Yet another thread where the OP has litterally no clue.
Steve Ronuken
Fuzzwork Enterprises
Vote Steve Ronuken for CSM
#9 - 2014-03-25 23:13:24 UTC
ISK doesn't belong to you.

Thus, it's not a currency. At no time can you actually own it.

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Doireen Kaundur
Doomheim
#10 - 2014-03-25 23:25:56 UTC
OP: not everyone here is american.

IRS=Internal Revenue Service (aka american tax collector)

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Inquisitor Kitchner
The Executives
#11 - 2014-03-26 00:28:37 UTC
As many people here have pointed out ISK isn't a convertible currency or even a currency full stop.

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SmilingVagrant
Doomheim
#12 - 2014-03-26 00:32:26 UTC
Well I was going to post what everyone else is saying then say you may be a bit of an idiot.

I'll just stick to the second half.

You may be a bit of an idiot.
Klymer
Hedion University
Amarr Empire
#13 - 2014-03-26 00:57:56 UTC
Hmm...perhaps there could be a positive side effect of this.

CCP catches someone in the U.S. engaging in RMT. They ban them from the game and then forward the offenders information to the IRS for investigation and possible prosecution for tax evasion.

How sweet would it be some some of these ******* ISK sellers to wind up in federal prison?
Nariya Kentaya
Ministry of War
Amarr Empire
#14 - 2014-03-26 01:03:57 UTC
Jack Tronic wrote:
Per IRS rulings, all virtual currencies are now taxable as properties.

http://consumermediallc.files.wordpress.com/2014/03/n-14-21.pdf

"Virtual currency that has an equivalent value in real currency, or that acts as a
substitute for real currency, is referred to as “convertible” virtual currency"

Better start pumping the ISK into offshore accounts.

game is hosted in UK by an icelandic company, they cant tax ****.

also, ISK isnt owned by any player, its owned by CCP, so if they want to try and tax someone for my use of an ingame currency theyd have to tax CCP
Caviar Liberta
The Scope
Gallente Federation
#15 - 2014-03-26 01:15:26 UTC  |  Edited by: Caviar Liberta
Jack Tronic wrote:
Per IRS rulings, all virtual currencies are now taxable as properties.

http://consumermediallc.files.wordpress.com/2014/03/n-14-21.pdf

"Virtual currency that has an equivalent value in real currency, or that acts as a
substitute for real currency, is referred to as “convertible” virtual currency"

Better start pumping the ISK into offshore accounts.


If isk is taxable then I want to use all my ship losses as tax deductions then.
Mario Putzo
#16 - 2014-03-26 01:17:54 UTC
Im writing off all kinds of expenses then. I knew those skill book receipts would come in handy Hellooooo student tax credits!
Scipio Artelius
Weaponised Vegemite
Flying Dangerous
#17 - 2014-03-26 01:20:36 UTC
The forum is in crazy mode right now.

Not just on Ero, but on everything.
Muestereate
Minions LLC
#18 - 2014-03-26 01:40:40 UTC
Klymer wrote:
Hmm...perhaps there could be a positive side effect of this.

CCP catches someone in the U.S. engaging in RMT. They ban them from the game and then forward the offenders information to the IRS for investigation and possible prosecution for tax evasion.

How sweet would it be some some of these ******* ISK sellers to wind up in federal prison?



Like Al Capone. They couldn't make his real crimes stick because of multiple identities, corporate shelters and shady books but one errant note that was out of the statute of limitations but not objected to.
Regnag Leppod
Doomheim
#19 - 2014-03-26 02:01:57 UTC
Lucas Kell wrote:
They are talking about bitcoins and the like. ISK isn't a convertible currency. It's a number that CCP hold on your account, which they own the rights to entirely.


The IRS will just see that Isk can be "converted" to PLEX or Aurum. They don't care who owns it, they just tax it.
ACE McFACE
Dirt 'n' Glitter
Local Is Primary
#20 - 2014-03-26 02:04:55 UTC
Mr Epeen wrote:
Another reason I'm happy to be anything but a U.S. citizen.

Mr Epeen Cool

Now, more than ever, we need a dislike button.
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