The IRS has removed two “in-game” virtual currencies, Roblox and V-bucks, from its list of examples of convertible virtual currencies. “Virtual” currency is a digital representation of value, other than real currency, that functions as a unit of account. “Convertible” virtual currency has an equivalent value in real currency. Roblox and V-bucks are “currencies” only in the sense they’re used in the online games Roblox and Fortnite. The IRS Chief Counsel said that it had been a mistake to list those in-game currencies as examples of convertible virtual currencies. It also said that transactions in those currencies don’t need to be reported on a taxpayer’s tax return. Call or visit our website for more information! www.mjscpa.com/
