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The Virtual Taxman Cometh
Dec. 18th, 2006 08:20 amOf interest to gamers and possibly metafandom-types:
Wired looks into the issue of whether taxation of income and holdings (real and personal property) in virtual worlds like WoW and SecondLife can, should and/or will be taxed by the IRS in the US, or, I guess, similar taxation entities in other countries.
Some questions arise, to my mind, about things like virtually-existing charities - can a rreligious entity, like a church, exist wholely in SecondLife? Helping those who are homeless in WoW itself probably wouldn't pass 501(c)(3) muster, and running for an office in an online government wouldn't need the same FEC reporting rules as public office candidates but it likely would if the site was hosted by a local, state or federal government. But a scholarship fund to benefit players in funding educational courses at an online school like Phoenix University might merit 501(c)(3) status.
Wired looks into the issue of whether taxation of income and holdings (real and personal property) in virtual worlds like WoW and SecondLife can, should and/or will be taxed by the IRS in the US, or, I guess, similar taxation entities in other countries.
Some questions arise, to my mind, about things like virtually-existing charities - can a rreligious entity, like a church, exist wholely in SecondLife? Helping those who are homeless in WoW itself probably wouldn't pass 501(c)(3) muster, and running for an office in an online government wouldn't need the same FEC reporting rules as public office candidates but it likely would if the site was hosted by a local, state or federal government. But a scholarship fund to benefit players in funding educational courses at an online school like Phoenix University might merit 501(c)(3) status.
