![]() ![]() "Game economies are typically closed economies where currencies cannot be cashed out or traded," the ESA said. The Entertainment Software Association chimed in with its own statement that in-game currency that cannot be cashed out, as is the case in many games, and should not be treated thee same as Bitcoin and other virtual currencies that hold more real-world cash value. While the IRS has removed Fortnite and Roblox from its wording for virtual currency taxable income, taxpayers might still be scratching their heads because the definition of "convertible virtual currencies" is still the same. The company also reports all payouts to the IRS. ![]() clarified that Roblox users who want to cash out must have IRS forms on file with the developer. A spokesperson for developer Roblox Corp. Roblox, however, allows players to cash out their virtual currency-Robux- for real money. The IRS removed the language after Bloomberg Tax followed up with the government group, though it has yet to comment officially on the matter.Ī spokesperson for Epic Games told Bloomberg Tax that Fortnite's virtual currency, V-Bucks, should not be included as a taxable interest because they cannot be exchanged for money. The wording was discovered by Coin Center director Jerry Brito. Millions of Fortnite and Roblox players would presumably be impacted, as they would need to disclose this as taxable income. ![]() The IRS recently removed wording from its website that said Americans needed to disclose whether or not they received, sold, exchanged, or acquired a financial interest in Fortnite or Roblox virtual currency during the 2019 tax year. The situation just got a little more complicated due to a change by the IRS. ![]() With the April 15 tax deadline approaching for Americans, some might be wondering about what they do and do not need to disclose on their Form 1040 as it relates to gaming. ![]()
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