https://community.secondlife.com/blogs/ ... inden-lab/
Yet once again Linden Lab, the owners of Second Life, kicks its customers in the face. I am absolutely fuming, no... REALLY angry..., about this latest development. That they would suddenly announce issuing 1099s to all residents who collect more that US$20,000 in L$ transactions... never having done this before... with no advanced notice (they are issuing them for 2018) is the height of disdain for its customers.
Nothing wrong with issuing 1099s. Its done throughout the country by payers who pay money to others. But it assumes that those others are operating a business (we ARE!) and are tracking the business expenses so they can fairly and accurately file income tax returns which properly present BOTH income AND expenses to the IRS... you are, of course, taxed on the profit, not the income.
Did LL let us know at the beginning of 2018 that they were planning to file 1099s for the year? No. They make a sudden announcement now that they are filing this info with the IRS. So now, unless we've been carefully recording expenses throughout the year, we are stuck. A big chunk of income reported to the IRS, and no way to document the expenses which we incurred in generating that income.
With the CDS, there's no problem... we are in fact very well documented since our $$ founding in 2005. But my records in New England are much more sparse, meant only to calculate tier discounts for my EMs. I'm really very angry. Indeed, I'm a bookkeeper in RL, so I'll figure out a way to make this work. But consider the hundreds, and probably thousands, of residents who run businesses here, who are not bookkeepers... who really ARE shafted.
Once again, LL announces that its customers can go to hell.
I'll be happy to talk more about this sad development with anyone who is confused and mystified by my opinion.
Sudane...................