Image: Epic Games
On Wednesday, the IRS quietly changed a provision on its website that said transactions of virtual currency like Fortnite’s V-bucks were taxable and may have to be reported on tax returns, as reported by CNN.
The provision had been on the IRS’ website since at least October, and you can see it right here, thanks to the Wayback Machine. On the archived version of the site, Bitcoin, Ether, Roblox (likely referring to Robux from the game Roblox), and V-bucks are listed as specific examples of a “convertible virtual currency.” The IRS defines a convertible virtual currency as one that has an equivalent value to or acts as a substitute for real currency. The IRS’ website now only lists Bitcoin as an example of a convertible virtual currency.
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Author: Jay Peters