Mark Kohler explains that metaverse earnings are taxable just like any other income. The IRS has already issued guidance on virtual currency and treats even stolen goods as taxable if kept over a year.
Again, I said this at the very beginning of the show. If you make money in the metaverse or you make money selling lemonade, you're still paying taxes. People, just because it's virtual doesn't mean the IRS is going to say, oh, that's okay. There's people making hundreds of thousands of dollars a year right now online with these strategies or more. Yeah, people are making millions of dollars in one sale. So,
I mean, even the irs, this is hilarious because they have publications out that talk about, if you have stolen goods that you have not returned within the same year, that's income. Oh, that's good to know. So I better report that as income. I stole some goods. I got to report that at fair market value. If I haven't returned within a year or, you know, you. The illegal activity, it's like literally an IRS Publications. You think they're going to say, oh, this is in the metaverse. You know, they've already told us they're going to tax virtual currency transactions and everything. We know that, so.
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