Information Required by IRC Section 6050W ( Steam market )

[PathologicalFrolic]

Information Required by IRC Section 6050W ( Steam market )
You have created 151 listings this year. Before you can sell or list more than 200 items in a calendar year, we are required to collect certain information from you. Please click here to provide the necessary information. To find out more about this requirement, please visit the FAQ.
Information Required by IRC Section 6050W

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.

To verify your citizenship status, and if required, to verify your taxpayer information, please respond below.


(I Dont Know What I Should Do. Should I Skip This? )

[chowdah908 #BringBackQuickPlay]

Last time I had this was last year around this time. You need you social security number to enter it in. I don't remember but I think it's something to do about seeing if your a US citizen.

[TirithRR]

Skip it, and you won't be able to sell items once you reach 200.
Fill it out and you'll never have to worry about it again.

Up to you.

[SavageBeastZero]

It will be a requirement once you reach two hundred Steam marketplace sales. So...If you intend on selling items here on the Steam Marketplace past the two hundred total sales than yes....You should just submit the data. Otherwise you cannot sell items in the Marketplace.

As stated below, the information isn't going to be reported to the IRS unless you exceed $20,000.00 in total sales. Which if you did in fact sell over the $20,000.00 in total, the data would then be submitted to the IRS and would then be a taxable income source. This is simply a requirement by U.S law and will not be applicable in your situation unless you exceeded this amount.

Regardless this is a personal decision that only you can make. I hope this helps and have a nice day.

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.[/u] [/quote]

[Swanson]

This is virtual money. How is the virtual money actually cashed in for physical currency?

[HLCinSC]

You are still selling something. Basically you are selling your digital goods and accepting steam wallet funds as payment. The money is real money as it orignates from someone spending real money on Steam.

[Swanson]

Okay. I accept that. However, my question remains, is it possible to take the virtual money and turn it into real money?

[HLCinSC]

Originally posted by Mehg:

Okay. I accept that. However, my question remains, is it possible to take the virtual money and turn it into real money?

Not directly through Steam no. You would have to sell something outside of the market system, but doing so is done completely at your own risk and is not recommended or supported by steam or Valve.

[Kryzz]

When the calendar year is up it reverts to 0 and I can sell 199 again right? Cbb with all this since I've probably bought/sold a couple quid worth of stuff and I don't live in America

[HLCinSC]

Originally posted by Valdraya:

When the calendar year is up it reverts to 0 and I can sell 199 again right? Cbb with all this since I've probably bought/sold a couple quid worth of stuff and I don't live in America

Yes it resets at the beginning of January.
If you are a non-US resident/citizen, you only have to prove you are, as the limits and reporting does not apply to you.

[HLCinSC]

Originally posted by Phobiaphobia:

Stupid bu*llsh*t is what I call this.

Tell your local federal legislators (both congressman and senator) you want Tax Reform

[Mr.W]

Once I submit the data, will my government take my money somehow because of income tax??? I live in Canada btw

[HLCinSC]

Originally posted by Chair:

Once I submit the data, will my government take my money somehow because of income tax??? I live in Canada btw

No. Depending on your laws you may be liable for it, but unless you are audited or Canada starts requiring info from Steam like the US's IRS you probably don't have to worry about it.

[ShAzAm]

Do I need to pay something?

[HLCinSC]

Originally posted by ^_^PericleTheGamer^_^:

Do I need to pay something?

Depends on your country's tax laws and your financial situation, but personally I wouldn't worry about it.

[Muscular Little BOY]

I live in Sweden and should i submit this or not i don't want to lose money and stuff :/ pls i really need help