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.
