IRS clarifies rules on virtual currencies & Oculus Rift VR --> FB for $2B
Posted by Terra Nova [HTML][XML][PERM][FULL] on 25 March 2014, 10:10 pm
greglasMarch 25, 2014 was a pretty interesting day for virtual currency and virtual reality! It seems the IRS deems mined bitcoins (& Dogecoins!) to be income. So it seems pretty clear that Linden Dollars are a "convertible" virtual currency and should count as income too. I'm assuming professional goldfarmers should have to report loot drops too, since they're skilled at converting that virtual currency. But I'm still unclear about participants in primarily virtual, ludic economies -- e.g. MMORPG players who may occasionally sell or buy virtual property. Language from the IRS follows -- full text is here. -- ...Virtual currency...

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