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Re: IRS Declares virtual currencies as properties.

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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
25 Mar 2014 09:51 PM
This means that any income of Robux from ROBLOX is taxable. e.e
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
25 Mar 2014 09:51 PM
(Assuming you converted ROBUX to USD) e.e
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gordonrox24 is not online. gordonrox24
Joined: 05 Jan 2008
Total Posts: 39141
25 Mar 2014 09:54 PM
That is actually a really interesting question, and I have no clue.

The team that runs the DevEx has a pretty good idea how the system works, so when you cashout, if there are forms you need to fill out, they can try to help you get started. When you used the DevEx to cashout, that money is generally already taxable.

I do not think anything has changed, but I am not a tax expert by any means.

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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
25 Mar 2014 09:55 PM
Assuming that robux is a "property" then having assets in ROBUX should be (according to the above document) taxable. But then again I don't think The IRS will be looking at your robux count.
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gordonrox24 is not online. gordonrox24
Joined: 05 Jan 2008
Total Posts: 39141
25 Mar 2014 10:01 PM
Yeah, reading articles about it, they all seem to say "In some environments - virtual currency operates like real money"

I don't think ROBLOX falls into that category, as we aren't purporting that robux is real currency. It is still a virtual currency.
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
26 Mar 2014 03:35 PM
b1
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Arbolito is not online. Arbolito
Joined: 26 Aug 2011
Total Posts: 1403
26 Mar 2014 03:42 PM
Also not being a Tax Expert, but having paid taxes for years, let me say that almost anything that is converted into real currency becomes income.

Whether you have to pay taxes on it will depend on a number of things - like where you live and how much money you actually earn.

Laws about this vary from Country to Country and within the US from state to state as well. In the case of DEVEX you are responsible for paying any taxes that might be due.
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
27 Mar 2014 09:57 PM
daily bump
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XcRaZeD is not online. XcRaZeD
Joined: 27 Aug 2010
Total Posts: 18217
27 Mar 2014 10:00 PM
Okay wow, really? So you are initially saying we will be taxed robux into a large account?
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
29 Mar 2014 05:53 PM
If you have over ($800? i think it is) in robux the MAYBE.
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Imaginator113 is not online. Imaginator113
Joined: 31 Mar 2011
Total Posts: 9482
29 Mar 2014 05:58 PM
Wait we don't need nerds here thank you. And you are proposing a terrible idea that will take away valuable robux to little amount of money.
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ChiefRyanz is not online. ChiefRyanz
Joined: 11 Nov 2012
Total Posts: 1461
29 Mar 2014 06:12 PM
Wow... :/
The robux has tax now
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