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Can someone explain this whole xbox currency thing to me?

#1BookThrowerPosted 10/29/2013 4:48:57 PM
I've finally gotten around to updating my Xbox and I find myself a little lost about the whole points -> currency thing, plus the addition of taxes.

Could someone explain this new system to me, preferably with small words? Like for instance, what exactly gets taxed? What's the tax rate for things on the marketplace, etc. etc.

Really appreciate any insight that anyone can give me.
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#2glassghost0Posted 10/29/2013 4:57:07 PM
-Everything is taxed depending on your state
-Points converted during the transition are not taxed
-You can now purchase any item on the marketplace with a CC, PayPal, etc...
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#3BookThrower(Topic Creator)Posted 10/29/2013 5:09:24 PM
I keep hearing about this transition. Do you mean like using a points card and having that converted into currency? Or does it mean something different?
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#4glassghost0Posted 10/29/2013 5:14:18 PM
BookThrower posted...
I keep hearing about this transition. Do you mean like using a points card and having that converted into currency? Or does it mean something different?


You had 1,600 Microsoft Points on your account, they released the Dashboard/System Update making the transition to Currency

Your 1,600 MSP was converted to $20

Those points are not taxed

If you enter a 1,600 Microsoft Point code right now, it will credit your account $20 but those points will be taxed
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#5BookThrower(Topic Creator)Posted 10/29/2013 5:17:50 PM
Oh, thank you very much. That clears up ALOT for me.
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#6rawrLIKEaB05S__Posted 10/29/2013 5:33:50 PM
what is meant by " points will be taxed.
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#7Super CreaturesPosted 10/29/2013 6:46:13 PM
Purchases made with the currency from those converted points will be taxed, if online purchases in your state are taxed.
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#8rawrLIKEaB05S__Posted 10/29/2013 6:48:53 PM
ok
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XBL: ajwmawesome | GTA IV, 007 Legends, Minecraft
#9singhellotakuPosted 10/30/2013 3:17:30 AM
In short, uses money now $
#10TreewallerPosted 10/30/2013 4:36:18 AM
Is anyone in Canada getting taxed? I'm definitely beyond my initially-converted cash and still haven't been charged tax, despite that it says "plus tax" in the purchase window when I buy stuff.
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