erek
[H]F Junkie
- Joined
- Dec 19, 2005
- Messages
- 10,898
How many of you all owe taxes on your Fortnite currency holdings, huh? Hmm
"Just because you may need to answer "yes" to the question on Schedule 1 does not necessarily mean you need to fill out anything else, Steber said. It depends on your personal situation. But some may need to report capital gains stemming from their virtual currency transactions on other forms.
"This question is an indicator that more is likely coming — more guidance, more rules, more requirements, more oversight and monitoring by the IRS," he said. "It's no longer something that's going to live in the background shadows. There's too much money there."
Although there's much that's still unsettled about how to track virtual currency transactions — and who should be responsible for it — Baker said the onus is still on taxpayers to figure out whether they owe the IRS and to fill out an accurate tax return, at least for now."
https://www.cnn.com/2020/02/13/tech/fortnite-taxes/index.html
"Just because you may need to answer "yes" to the question on Schedule 1 does not necessarily mean you need to fill out anything else, Steber said. It depends on your personal situation. But some may need to report capital gains stemming from their virtual currency transactions on other forms.
"This question is an indicator that more is likely coming — more guidance, more rules, more requirements, more oversight and monitoring by the IRS," he said. "It's no longer something that's going to live in the background shadows. There's too much money there."
Although there's much that's still unsettled about how to track virtual currency transactions — and who should be responsible for it — Baker said the onus is still on taxpayers to figure out whether they owe the IRS and to fill out an accurate tax return, at least for now."
https://www.cnn.com/2020/02/13/tech/fortnite-taxes/index.html