IRS exempts Fortnite's in-game virtual currency from taxes, calls it an ERROR
IRS exempts Fortnite's in-game virtual currency from taxes, calls it an ERROR

By CryptoTapas.com | Bitcoinz News | 14 Feb 2020


IRS has quietly deleted the 'inclusion of in-game virtual currency' from the purview of taxes.  

"It was corrected and that was done quickly — as soon as it was brought to our attention," Desmond said, according to Bloomberg's report.

According to the FAQ on the IRS website, virtual currency is much broader and includes cryptocurrency.  However, not all virtual currency will be subject to same reporting requirements as cryptocurrency, according to the latest clarification.

We will be closely watching this space for latest updates on the tax reporting requirements.

Read the other articles on the subject here:

Do not ignore the Virtual currency question on 2019 Form 1040

IRS Crypto tax AUDIT notice probes deep – Key Takeaways & next steps

All you need to know about the Crypto Taxes in 2019


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CryptoTapas.com

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