Store

[SBsSouthernKitten]

Ive got a little kitty store that i rent to sell my kittys with the new stuff LL is doing with the taxes and sending in forms will i have to do that or do they mean bigger  stores bc if thats the case ill just shut my store down

[Rolig Loon]

If you have more than 200 Marketplace sales in a year and a gross income from those sales of more than $20,000, Linden Lab is required by U.S. law to file a 1099-K form with the IRS, reporting those sales.  If you receive a 1099-K form from PayPal that has a higher number, it would be because you withdrew money from SL from other sources than just Marketplace.  In any case, you are taxed on money that you remove from SL.  Remember that L$ are not money. They are "in-world tokens" with no cash value until they are traded with other SL residents on the Lindex.

Read Linden Lab's Tax FAQ for more details >>> http://wiki.secondlife.com/wiki/Linden_Lab_Official:Required_Tax_Documentation_FAQ

And consult your local tax attorney if you have other questions.

[Lindal Kidd]

If you don't get an email from LL asking you to provide information for a 1099, then no.

Most of us running little hobby operations don't need to worry about this, as we seldom or never take profits out of SL.