2 years, 1 month ago
When do you have to pay taxes on Mahalo dollars? Are taxes paid on real dollars transferred to paypal?
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M$1 Answer
I reckon you will have to pay taxes on mahalo dollars when you get them in your paypal account. I would not be declaring mahalo dollars, a virtual currency until they were actually converted into real dollars. I declare on my paypal earnings on my tax return. But until i receive a payment from mahalo these mahalo dollars will remain undeclared
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M$
Interesting. You can spend your Mahalo dollars on a iPad. So your saying, Mahalo dollars, if converted to real dollars will be 60% of the Mahalo dollar amount and taxable, once it transfers to paypal.
Do you have a source for the tax policy?
Mahalo dollars do seem like a casino token. You could win a jackpot and claim the dollars and report the winnings as income or you could gamble the winning away and report no income.