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What should I know before selling Linden? Need advice.


Nutria2016
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I'm a young student that knows nothing about taxes, let alone small business taxes. About half a year ago I started my business here in Second Life and now I've earned a considerable amount of Linden to transfer to sell and make a profit.

Before I sell though, what are some important things I should know about taxes, PayPal, and Second Life?

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15 hours ago, Nutria2016 said:

I'm a young student that knows nothing about taxes, let alone small business taxes. About half a year ago I started my business here in Second Life and now I've earned a considerable amount of Linden to transfer to sell and make a profit.

Before I sell though, what are some important things I should know about taxes, PayPal, and Second Life?

You must report your income to IRS. I just report whatever I send to PAyPal. Paypal only reports over a certain total yearly amount, based on either number of transactions and/or total amount (I forget exactly, as a CPA handles it for my business) but you are still liable for reporting it to IRS. 

 

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In addition to the excellent advice Chic and Pamela has given, do not use the "Market Sell" option when you sell your Lindens. Use the "Limit Sell" and choose a realistic price depending on how much of a hurry you are in. It's hard to say what a realistic price is since it changes constantly but right now it seems a 253 L$ offer should sel within an hour or two, 252 within a few days. The rates seem to be slowly dropping though so if you're not in a hurry, you may want to try 251 or even lower.

Anything higher than 253 is just a waste of Lindens.

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Thank you all for the advice. I took up ChinRey's advice an used Limit Sell. Opened an order yesterday, and it closed today at 1:30 AM, but I'm not seeing any funds in my PayPal account. Is this normal? I do have my PayPal linked to my account.

 

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3 hours ago, Nutria2016 said:

but I'm not seeing any funds in my PayPal account. Is this normal? I do have my PayPal linked to my account.

 

Yes, that is normal. Withdrawing your dollars from SL is a separate step. Go to the SL website, click on "Manage" and then "Pocess credit".

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2 hours ago, ChinRey said:

Yes, that is normal. Withdrawing your dollars from SL is a separate step. Go to the SL website, click on "Manage" and then "Pocess credit".

Ah thanks for letting me know. Would have taken me a while to figure out if I didn't ask.

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1 hour ago, Nutria2016 said:

Ah thanks for letting me know. Would have taken me a while to figure out if I didn't ask.

if you had read the link Chic already gave earlier, you had known

down on that page:

I have sold Linden dollars. How do I transfer my money out of Second Life?

You may choose to withdraw your US dollar balance via PayPal or bank wire. To process a credit transfer, go to Process Credit.  For more information about your options and limitations, see Account Balance.

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13 hours ago, Alwin Alcott said:

if you had read the link Chic already gave earlier, you had known

down on that page:

I have sold Linden dollars. How do I transfer my money out of Second Life?

You may choose to withdraw your US dollar balance via PayPal or bank wire. To process a credit transfer, go to Process Credit.  For more information about your options and limitations, see Account Balance.

Sorry, my ADD tends to make me skip through walls of text. It's a bad habit.

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