IRC Section 6050W

[Czwarty]

Under Internal Revenue Code section 6050W, the U.S. Internal Revenue Service requires us to determine whether you are a U.S. citizen or resident alien before permitting you to sell more than 200 items in the community market in a single calendar year. If you are a U.S. citizen or resident alien, the IRS also requires us to collect your Social Security number or other Taxpayer Identification Number. Please note that we are not required to report this information or information about your sales to the IRS under section 6050W of the Internal Revenue Code unless you engage in more than 200 sales in a single calendar year AND the gross sales proceeds from those sales exceeds $20,000 in a single calendar year. For more information, you can view the Community Market FAQ here.

So I'm going to pass a 200 sales mark soon and this message just appeared in my market. I have some questions to do with it.

1)

Where can I check how much i have left before i exceed $20,000 sales mark?

2)

If i pass 200 sales mark and $20,000 sales profit in a single year, what will the consequences be?

3)

Who will see the information I give to Steam via this whole thing?

[Gishank]

1) You can't.
2) You won't be able to without filling it out as far as I am aware.
3) The IRS, and the relevant department that deals with it at Valve.

[Czwarty]

Originally posted by Gishank:

1) You can't.
2) You won't be able to without filling it out as far as I am aware.
3) The IRS, and the relevant department that deals with it at Valve.

2) I meant: What will happen if i give the infomation by filling this thing and then exceed those marks?

[Czwarty]

Like, i don't want to get a letter that says i have to pay 300$ because i sold too much stuff on the market of something like that

[Pheace]

If you're not a US Citizen nothing will happen.

If you are US, you may need to pay taxes, and it's required for US companies to report how much 'income' you make to the IRS if you reach that volume of transactions/income, which means, to fullfill that requirement, they need to have your information, else it's Steam's problem.

Whether this law even applies to Steam wallet is another matter, but for Valve it's a lot better to make sure they comply to them in case it does apply than not to do anything and get fined for not doing so later.

[TeKraken]

Are you really likely to sell $20,000 worth of stuff?

[Czwarty]

I am not a US Citizen, which means i will not have to pay for anything i sell on the market, right?

[TeKraken]

Originally posted by Czwarty:

I am not a US Citizen, which means i will not have to pay for anything i sell on the market, right?

Correct.

[Czwarty]

Originally posted by TeKraken:

Originally posted by Czwarty:

I am not a US Citizen, which means i will not have to pay for anything i sell on the market, right?

Correct.

Thanks Pheace and TeKraken!

Thread closed.

[HLCinSC]

You will need to provide proof of non-U.S. residency and if you used any American billing addresses you will be denied.