The IRS deleted guidelines citing Fortnite’s Vbucks as virtual currency like Bitcoin

This is what you are.

Every so often you just get to see a news story and think to yourself that this is going to turn into a major issue and fight in a few years. The news about the IRS using guidelines to indicate that Vbucks were a virtual currency is one such instance. Vbucks, for those of you who have made it your life’s mission to avoid learning about Fortnite, are the microtransaction currency used to purchase cosmetics and such from the in-game store.

It appears at a glance that the guidelines about virtual currency are at least theoretically in place to close off loopholes regarding converting actual currency to virtual form and using that for major purchases to dodge taxes, like gaining bitcoin via bitcoin mining and then using that to buy a car without ever reporting any of it. Of course, Vbucks are notably different from bitcoin, which means that the fact the guidelines were there for a time and have now been removed leaves the whole state of microtransaction currencies somewhat ambiguous on a whole.

Source: CNN
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