http://www.npr.org/templates/story/stor ... Id=5199966
From NPR, a lawyer/player recently inquired to the IRS if mmo sales, barter, and winnings (loot) are taxable. Basically since RMT has established that items have a real world fair market price can it be taxed? For example if you go and sell your boots of leaping, or your gil online and receive money for it, by law you have to pay taxes on the income you receive.
But it does not end there, the IRS also has laws on barter. To take an example from audio, if you're a plumber and I'm an artist and in exchange for fixing my plumbing I trade your services for one my paintings worth $500 dollars fair market value we both have to pay taxes on the $500. This can extend to the virtual world, basically any trades would be taxable.
To take that a step further, if you win a prize on a game show you have to pay taxes on the cash or value of the item you won. Theoretically this can apply to loot as well since it can have a real world value.
The lawyer actually got in touch with someone in the IRS barter department and after some deliberation the person at the IRS said that yes that this would apply, but to seek an official ruling.
Listen to the audio I think it's an interesting train of thought, I don't personally agree that anything will happen. But as mentioned in the audio it would effectively kill the entire mmo market if the IRS got involved. Thoughts?