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Are you required to pay taxes for selling gold?

Discussion in 'RuneScape 3 Cheating' started by Elietu, May 10, 2011.

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  1. Elietu

    Elietu Active Member

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    Are you required to pay taxes for selling gold?
    I sold 1b for $500 and i was wondering if i have to report this as income.(this was done through paypal)
     
    Elietu, May 10, 2011
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  2. nissan nut

    nissan nut Forum Addict

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    Are you required to pay taxes for selling gold?
    lol no...
     
    nissan nut, May 10, 2011
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  3. wtfomfgbbq101

    wtfomfgbbq101 Forum Addict

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    Are you required to pay taxes for selling gold?
    No.. why would you want the government messing with ya money?! You crazy!
     
    wtfomfgbbq101, May 10, 2011
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  4. DrDeath

    DrDeath Grand Master

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    Are you required to pay taxes for selling gold?
    Actually I think there is a law that if you make over a certain amount of money from selling things on the internet, via paypal, you do have to report taxes on them. A friend and I were actually talking about this the other day.
     
    DrDeath, May 10, 2011
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  5. Swin

    Swin Apprentice
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    Are you required to pay taxes for selling gold?
    Not at all.

    But the seller did have to pay some fee's to sell that money, which goes to PayPal taxes. I believe?
     
    Swin, May 10, 2011
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  6. KozaShop

    KozaShop Newcomer

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    Are you required to pay taxes for selling gold?
    with low amounts, no
    but with higher amounts the IRS may be involved.
    check the laws in your area
     
    KozaShop, May 10, 2011
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  7. berserker_helm

    berserker_helm Apprentice
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    Are you required to pay taxes for selling gold?
    I doubt you have anything to worry about..

    (How in the hell is anyone going to find out, anyway?)
     
    berserker_helm, May 10, 2011
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  8. Rune Scimmy

    Rune Scimmy Forum Addict

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    Are you required to pay taxes for selling gold?
    Nothing to worry about your not a business so you don't have to pay the taxes.
     
    Rune Scimmy, May 10, 2011
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  9. bunmeister82

    bunmeister82 Forum Addict

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    Are you required to pay taxes for selling gold?
    Unless you're actually making a living outta this, then.. uhh.. nope. Same with selling your crap on ebay, no tax from income there!
     
    bunmeister82, May 10, 2011
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  10. Veni

    Veni Formerly known as Autorrent
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    Are you required to pay taxes for selling gold?
    The IRS only comes looking if you have over 20,000 on paypal in trades. Not to worry mate.
     
    Veni, May 10, 2011
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  11. TahBreezy

    TahBreezy Guru

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    Are you required to pay taxes for selling gold?
    You don't have to worry about it, the government won't mess with you unless you have ALOT of trades on paypal.
     
    TahBreezy, May 10, 2011
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  12. eennee

    eennee <>The Chemist<>
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    Are you required to pay taxes for selling gold?
    Psh even if I made $500 through work, I wouldnt report it to the Gov...
     
    eennee, May 10, 2011
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  13. Sei Italiano

    Sei Italiano Forum Addict

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    Are you required to pay taxes for selling gold?
    I wouldnt think so
     
    Sei Italiano, May 10, 2011
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  14. rinky

    rinky Forum Addict

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    Are you required to pay taxes for selling gold?
    Unless you sell something for over 20 grand nothing can happen. :)
    That's why cars and things like that are rarely bought on ebay
     
    rinky, May 10, 2011
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  15. Pockets

    Pockets Don't cheat the man in the glass.
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    Are you required to pay taxes for selling gold?
    I actually talked to a friend in finance because I was a little concerned. He said that as long as transactions aren't exceeding $10,000 I should be fine
     
    Pockets, May 10, 2011
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  16. Hahanerd

    Hahanerd sportsisland.org - RSGP & Crypto Betting
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    Are you required to pay taxes for selling gold?
    This the correct answer. Nick had to report it to the government since there was $20,000+ coming in and out of his PayPal in a year's time.
     
    Hahanerd, May 10, 2011
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  17. Pockets

    Pockets Don't cheat the man in the glass.
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    Are you required to pay taxes for selling gold?
    Was that 20k total or 20k in either direction?
     
    Pockets, May 10, 2011
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  18. shawnwill1210

    shawnwill1210 Forum Addict

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    Are you required to pay taxes for selling gold?
    please do not file taxes for selling gold... the govt would have no idea you made that money so just pocket it
     
    shawnwill1210, May 11, 2011
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  19. Veni

    Veni Formerly known as Autorrent
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    Are you required to pay taxes for selling gold?
    Paypal is required by law to file taxes on 20k or more, it really can't be avoided. :(
     
    Veni, May 11, 2011
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  20. kmjt

    kmjt -.- The nocturnal life chose me -.-
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    Are you required to pay taxes for selling gold?
    What about if I were to just use Western Union?
     
    kmjt, May 11, 2011
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