IRS backtracks on whether video game currencies are taxable – #IRS #gaming #currencies # taxation #roblox | #RoadmapforSuccess
February 14, 2020 No Comments Technology Adam E. Williams
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’s 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’s website now only lists bitcoin as an example of a convertible virtual…

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Adam E. Williams Account Manager with 20 years experience in Information Technology, Logistics, and Games Industries. Client-centric professional compelled to achieve greater win-win successes through focused solution sales. Striving to attain broader knowledge for greater achievements through continuous learning. Enthusiastic about providing proven customer service, sales, and communication to foster strong business relationships for mutual growth and benefit. I would love to share how my Sales, Business Development, Operations and Account Management experience and education can be a key asset to the success of your team or project. I have enjoyed a varied career over that time, which has given me a unique perspective and insight into business. More so, as an entrepreneur in the past, I have learned some powerful lessons on what to do to succeed as well as what not to do. I am a proven producer with a track record of increasing success and I have found that my success comes from continuous learning with a focus on the Pillars of Integrity, Creativity, and Perseverance. Let me bring that to bear for you in your project or team!

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