question on profits and taxes

[harleystcool]

Just wondering if anyone else bothers to report there earnings to the tax man. I've read a thread and someone said this kind of stuff we're doing can be classified as hobby so wouldn't need too. Yet others have said you have to report this stuff when you do your taxes. I've also read that after 20k dollars, or 200 transactions paypal will report your info to the irs.
I live in canada and i'm wondering if i should bother worry about this tax stuff, i want to make some decent money per month with diablo also.

 

[baldbrah]

i believe its $20,000 & 200 transaction, not either or.

 

[Ash]

I kinda doubt w/e tax agency would bother with you unless you actually have income from 10+ botting computers, although if they did, that audit would hilarious.

 

[smurg]

If you're talking about U.S. tax law, if you make >1 cent, you better believe you are required to report it.

 

[john88]

i believe its $20,000 & 200 transaction, not either or.

Correct, you need to have both.

 

[Bertrand]

You can hit 200 transaction in 2 months from the rmah, if not sooner.
Any way, i am not worried about laws and taxes, paypal is the bigger issue. Would they ever try to contact you if you have large ammount of transactions going on daily, like 10+ from 3-4 rmah accounts ?

 

[Soullinker]

Get couple of debit cards from diffrent banks.
Make paypal acc for each one.
Link acc to there own paypal.
???
Prifit.

 

[mullerhun]

Get couple of debit cards from diffrent banks.
Make paypal acc for each one.
Link acc to there own paypal.
???
Prifit.

thats the way to go! and once i have this problem of getting "too much" money, ill make some paypay for my girlfriend too

 

[Tashkin]

If you are really worried about it then you should set about 35% of your earnings to the side and not touch it until you get a notice. Chances are that you wont have to worry about it though.

 

[nolimit]

ok,anyone from eu paid tax until now? and what was the description of the tax?

 

[WieIsDeBob]

Do you have to pay tax for selling a car you own and have already payed tax for? No. You're selling items (digital) so you don't have to report these incomes to the IRS or any Tax firm or whatsoever. You're selling your own property / goods.

 

[Erson]

Register your Own Company and name it smth like " ThisGame" and upgrade your status in the paypal to merchant and live your life !