IRS is taxing currency used in Fortnite

For the first time, the IRS is asking this tax season if taxpayers have used virtual currencies, including V-Bucks, the money used for in-game purchases for the popular online multiplayer game Fortnite.

The IRS in 2014 announced that virtual currencies would be taxed like capital gains. Those rates are currently 15% and 20%.

In a December release, the IRS stated that “virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency … Bitcoin, Ether, Roblox, and V-bucks are a few examples of a convertible virtual currency.”

Taxpayers will now answer
Read more…

Please follow and like us: