Monday, September 04, 2006

Capital Gains Tax on Online Assets?

 
The story about the crime committed and the method of fraud is fairly dull, however, the author brings up some extremely interesting questions about the tax-ability of the real world revenue generated (or potentially generated) in online possessions and online capital gains as a result of actions in simulated economies .
 
The potential impacts of this train of thought are wide reaching, and when you really start to think about the potential applications as more and more people participate in simulated economies within virtual worlds or games.  Thus far, according to the author, the IRS has declined to tax, or comment on, these types of income sources.  I do agree, however, with his caveat that it probably will not stay that way for long.  Food for thought...

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