Comments on: Virtual Entrepreneurs and Real Taxes http://virtuallyblind.com/2007/03/09/virtual-entrepreneurs-and-real-taxes/ Legal Issues That Impact Virtual Worlds Tue, 13 May 2014 04:03:48 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Johan Chandrayaan http://virtuallyblind.com/2007/03/09/virtual-entrepreneurs-and-real-taxes/#comment-55 Johan Chandrayaan Thu, 22 Mar 2007 13:34:56 +0000 http://virtuallyblind.com/2007/03/09/virtual-entreprenuers-and-real-taxes/#comment-55 Don't forget, expenses that are incured in the start up of a virtual business are tax deductable! I haven't heard this point stressed nearly as much! I wonder... are gambling losses tax deductable as well? Can you start some kind of virtual business that has no hope of succeeding simply to be able to write off your game fees, land tier, etc? I did read somewhere that profit that remains in the game isn't considered income until you cash it in. Don’t forget, expenses that are incured in the start up of a virtual business are tax deductable! I haven’t heard this point stressed nearly as much!

I wonder… are gambling losses tax deductable as well? Can you start some kind of virtual business that has no hope of succeeding simply to be able to write off your game fees, land tier, etc?

I did read somewhere that profit that remains in the game isn’t considered income until you cash it in.

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