Taxation on Farm Income

[Zibele 18]

Hey i am just curious,do you guys get phone calls from your banks about taxation on the income you receive from your gold farm?

Do they question the income?

 

Because i will be converting lots of rs-gp for real life money this weekend was just curious.

 

 

@Directed at the big boys(big money).

[Nima 92]

Now I'm curious as well.

[Donald Trump 333]

Well it's illegal to avoid tax. But theoretically you could sell BTC for rl cash if you know the right people *education purposes, i take no responsibility, i havent done this*

[Nima 92]

Well I'm pretty sure it's legal in some countries to earn some dirty money if it's below some amount.

[pharaoh 131]

Say you are selling digital goods but it would be best to report all your income on taxes for all legal purposes.

[Ne0n 3]

As an accountant I contemplated this for a while, I can't speak for other country's but as far as Canada goes I wouldn't be reporting anything less than like 10-20,000. Would also advise you go through paypal and put smaller amounts at a time into your bank periodically. You can always say this is pay for odd jobs if they ask but most banks don't care about that kind of thing unless its in excess of $100,000. It's tax collection agencies that would be very scrupulous but they don't see your bank statements.

[Ahou987 3]

Look up your countries laws, and go from there, there is normally some sort of exception if you make under a certain amount of money. If you stay in between that threshold, you shall be fine!

[Zibele 18]

As an accountant I contemplated this for a while, I can't speak for other country's but as far as Canada goes I wouldn't be reporting anything less than like 10-20,000. Would also advise you go through paypal and put smaller amounts at a time into your bank periodically. You can always say this is pay for odd jobs if they ask but most banks don't care about that kind of thing unless its in excess of $100,000. It's tax collection agencies that would be very scrupulous but they don't see your bank statements.

Interesting thanks for this.

[ScrewYouDrive 19]

As an accountant I contemplated this for a while, I can't speak for other country's but as far as Canada goes I wouldn't be reporting anything less than like 10-20,000. Would also advise you go through paypal and put smaller amounts at a time into your bank periodically. You can always say this is pay for odd jobs if they ask but most banks don't care about that kind of thing unless its in excess of $100,000. It's tax collection agencies that would be very scrupulous but they don't see your bank statements.

If I sell gold for bitcoins and then withdraw money from debit card - is that legal?

 

EDIT: What I mean by legal - If they ask something I might as well tell them I mine bitcoin or buy it and wait for price rise and then cashout.

[Ne0n 3]

If I sell gold for bitcoins and then withdraw money from debit card - is that legal?

 

EDIT: What I mean by legal - If they ask something I might as well tell them I mine bitcoin or buy it and wait for price rise and then cashout

 I'm not solid of the legality of any of this to be honest, income should be reported over a certain number. At the same time if you report income like this you're admitting that it's an activity you take part in and putting yourself out there to be sued by Jagex. Unless someone is making over 20K annually don't worry about anything, if anyone was making more they could contact me personally and I'd address it on a person to person basis for them.