Comments on: Do you owe taxes you don’t even know about? http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/ Successful Personal Finance Blog Mon, 06 Oct 2008 19:23:40 +0000 http://wordpress.org/?v=2.0.4 by: jimmy travis sims http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-839 Tue, 06 Feb 2007 04:52:11 +0000 http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-839 i want to know if i owe money to the i r s i want to know if i owe money to the i r s

]]> by: stephanie maldonado http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-621 Sat, 20 Jan 2007 01:31:52 +0000 http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-621 this question is important to me how do i get a response this question is important to me how do i get a response

]]> by: stephanie maldonado http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-620 Sat, 20 Jan 2007 01:21:06 +0000 http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-620 is there anyone answering questions during non business hours is there anyone answering questions during non business hours

]]> by: stephanie maldonado http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-619 Sat, 20 Jan 2007 01:20:24 +0000 http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-619 how do i find out if i owe the irs money how do i find out if i owe the irs money

]]> by: stephanie maldonado http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-617 Sat, 20 Jan 2007 01:05:40 +0000 http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-617 I would like to know if i owe the irs money I would like to know if i owe the irs money

]]> by: Endless Aspiration http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-413 Wed, 20 Dec 2006 15:39:23 +0000 http://www.catchagideon.com/2006/12/20/do-you-owe-taxes-you-dont-even-know-about/#comment-413 When you sell those online assets, should they be considered ordinary income or capital gains? If its a capital gain could you consider the price of the game, interenet costs to play the game, electricity, etc as your basis? He may have sold it for $11k, but the gain may have only been $5k or $6k depending on the costs required to earn the virtual assets. If its an ordinary income you'd have to pay some sort of self employment tax. Which will be taxed at a much higher rate. Maybe we'll reach a point where you will have to prove whether or not you've collected these virtual assets as a hobby or for a business venture. When you sell those online assets, should they be considered ordinary income or capital gains? If its a capital gain could you consider the price of the game, interenet costs to play the game, electricity, etc as your basis? He may have sold it for $11k, but the gain may have only been $5k or $6k depending on the costs required to earn the virtual assets.

If its an ordinary income you’d have to pay some sort of self employment tax. Which will be taxed at a much higher rate. Maybe we’ll reach a point where you will have to prove whether or not you’ve collected these virtual assets as a hobby or for a business venture.

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