IRS Deletes References To Taxing ‘Fortnite’ & ‘Roblox’ In-Game Currencies Saving Gamers Plenty Of V-Bucks & Robux
by Joseph Russo, Jr.
Fornite's V-Bucks (Image: Epic)
Most users of Fortnite aren’t too concerned about this one – but their parents are definitely taking notice, though. The Internal Revenue Service took down a provision in one of their tax questions that would require anyone that purchased Fortnite or Roblox currencies, to report that on their taxes.
Can I report my Sims as dependants? https://t.co/XUiIVBOfga
— DoubleExperience🤓🤘 (@2xExperience) February 14, 2020
lol Fortnite and Roblox saved from the tax man https://t.co/pkfbVLpqDT
— Derek Guardiola (@dguardi) February 13, 2020
The website originally gave Fortnite and Roblox as examples of games that use “in-game currency.” The IRS changed their example, and chooses to only list Bitcoin as a taxable currency. The IRS website states that “Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies,” and therefore can be taxed.
If V-Bucks and Robux were to be counted the same as Bitcoin, this would have required an additional 200 million users would have to potentially fill out the dreaded tax return forms. A representative from Epic Games stated “V-Bucks cannot ‘be digitally traded between users,’ nor can they be ‘exchanged into, U.S. dollars, Euros, and other real or virtual currencies.’ ”
Roblox Twitter Community? More like Roblox Tax Collection! Pay up swines!
— ❤️🥧π🥧❤️ (@PieBFB) February 13, 2020
is there an option to receive my tax return in v-bucks?
— troy (@troykind) February 10, 2020
BitCoin and blockchain Ethereum will also continue to be taxed on all IRS documents.
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