A question to the bigger traders on sythe

As you have traded loads of money on sythe, this also means money that goes to your bank account out of nothing.
Did you ever declare anything you made on sythe to the tax services?

thx for your time


edit: not sure what section to post this in ;x

 

As all mine goes into an unverified PP acc, nope

 

your not a big trader that makes alot of irl profit from it >.<

 

Well since people are illegally selling in game items I would say no...

 

I haven't declared any trades I have made and I don't have to declare when I sell anything on eBay either.
I've put hundreds into my bank at a time and nothing has been asked about it.

 

bump

 

What exactly do you mean?

I wouldn't go out of my way to inform my bank that this money is coming from a "job" if that's what you mean. Reason being I doubt this is a legitimate job.

 

IRS, not the bank.

Anyways, what I do is have Paypal draw a check for me, cash the check at a convenience store, and use the cash. Can't trace it to me, since I didn't deposit/transfer it into my bank.

 

I know a lot of people are asking for money to be sent to them via mail or WU because that isn't put on their tax forums or something like that. I was talking to plznate and fr00t c4ke about a week ago and it sounds like a good idea if your getting a lot of cash.

 

Well I don't hahah. I used to make good money on here but I've kinda slowed my game up.

 

If you make more than $600 a year doing ANYTHING self-employed (services, selling goods, whatever) you're supposed to file a 1099. My advice, keep it out of your legal bank accounts so the IRS doesn't trace it, because it WILL come back to bite you in the ass a decade from now when they decide to audit you.

 

Sounds logical.

Whenever you sign up for PTC sites, if you make over $600 they recommend/require you to declare it. So I guess that would be the law they're referring to.

You could probably use the tax system to your advantage.

In Australia you can earn up to $6,000 w/o paying Tax. Say your a student and you've got a casual job that pays $5,000 a year. Just declare you've earnt 1k from Sythe and you've got that money legally declared + you didn't pay tax on it.

 

whats a 1099

 

It's one of the forms you would fill out while filing your taxes.

 

I havn't done anything of the sort, and at this stage, I don't really plan on doing it. Sythe wouldn't be nearly as profitable if the government took away 33%.

 

oo for US i guess

true

 

You have to be over $5600 in order to actually be taxed in the United States, which is unfortunate as I've made well over that both last year and this year. My parents are making me file taxes as this money is clearly moving all over the place and I unfortunately verified my paypal with my social security number.

So yes, it is something to be considered.

 

Well, I've made over $2000 this year on sythe. All of it goes through paypal and into my bank account to save up for something . I haven't considered paying tax because it's not a regular inflow and it's under the amount that you need to pay tax on.

 

I have never heard of a canadian going to jail for tax evasion, so i dont think i would have anything to worry about.