df1307 Oct 12, 2019 @ 12:21pm
New rule of IRS
On Oct. 11, a draft of the “Additional Income and Adjustments to Income” section of the new 1040 form surfaced that included a change was made to the ‘Additional Income and Adjustments to Income’ section. On the new 1040 form, the additional question reads:

“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

The question expects a straightforward yes or no, with no additional details requested.

Is steam wallet an object of this question?
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Showing 1-15 of 17 comments
RedLightning Oct 12, 2019 @ 12:22pm 
Wouldn't that more apply to bitcoin and the like?
ElvisDeadly Oct 12, 2019 @ 12:23pm 
no
Brujeira Oct 12, 2019 @ 12:25pm 
Steam Wallet is basically store credit. Also, the SSA does explicitly state that you don't actually own the funds in your wallet.
Radene Oct 12, 2019 @ 12:40pm 
Ask a lawyer. Seriously.
cinedine Oct 12, 2019 @ 12:49pm 
It's a draft. Expect a FAQ once it goes into effect.
Out Of Bubblegum Oct 12, 2019 @ 1:11pm 
No. This is for Bitcoin type currencies. Because you can make a profit off of trading those. You can have an income from those. Incomes are taxable. There is no profit to be made off of a Steam wallet. It is just a convenient way to store money to be spent through Steam.
Zekiran Oct 12, 2019 @ 1:19pm 
Since you cannot LEGALLY remove money from the Wallet, it obviously doesn't count.

This is specifically why it's expressly forbidden to try - because money laundering. By its own rules, the Steam Wallet is already basically products 'paid for' and cannot be considered money.
wuddih Oct 12, 2019 @ 1:19pm 
steam wallet funds is already included with normal stuff. that is why you have to fill out stuff to use the market because that crap gets sent to the irs if limits are passed.
does not really matter if you can not use it somewhere else. you still can have financial value gain.
Brujeira Oct 12, 2019 @ 1:38pm 
Originally posted by wuddih:
steam wallet funds is already included with normal stuff. that is why you have to fill out stuff to use the market because that crap gets sent to the irs if limits are passed.

I thought they'd stopped asking folks to fill that form out?
cSg|mc-Hotsauce Oct 12, 2019 @ 1:40pm 
There is no more 200 item limit on the market.

https://support.steampowered.com/kb_article.php?ref=6088-udxm-7214#providing1099s

Users are responsible for reporting any and all earnings themselves.

https://support.steampowered.com/kb_article.php?ref=6088-udxm-7214#incometaxes

:qr:
Last edited by cSg|mc-Hotsauce; Oct 12, 2019 @ 1:41pm
BossGalaga Oct 12, 2019 @ 1:54pm 
Originally posted by df1307:
On Oct. 11, a draft of the “Additional Income and Adjustments to Income” section of the new 1040 form surfaced that included a change was made to the ‘Additional Income and Adjustments to Income’ section. On the new 1040 form, the additional question reads:

“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

The question expects a straightforward yes or no, with no additional details requested.

Is steam wallet an object of this question?

Steam Wallet Funds are not a currency in the sense that the IRS is asking. Steam Wallet is no more a currency than a Dave and Busters gift card.
Satoru Oct 12, 2019 @ 1:55pm 
Originally posted by ElvisDeadly:
no

Don’t spread misinformation and make users commit tax fraud
BossGalaga Oct 12, 2019 @ 2:02pm 
Originally posted by cSg|mc-Hotsauce:
There is no more 200 item limit on the market.

https://support.steampowered.com/kb_article.php?ref=6088-udxm-7214#providing1099s

Users are responsible for reporting any and all earnings themselves.

https://support.steampowered.com/kb_article.php?ref=6088-udxm-7214#incometaxes

:qr:

I would encourage people who have questions to ask a tax expert/lawyer/etc. but as I understand it reporting realized cash earnings from virtual item sales and reporting stake in virtual currencies are two different things.
wuddih Oct 12, 2019 @ 3:20pm 
Originally posted by Brujeira:
Originally posted by wuddih:
steam wallet funds is already included with normal stuff. that is why you have to fill out stuff to use the market because that crap gets sent to the irs if limits are passed.

I thought they'd stopped asking folks to fill that form out?
yikes. had to look up since when. seems to be november 2018

well, as far as i know from other marketeers, if you live in the US the irs wants at least confirmation for these transactions and the process was, they send letter, you send documentation back and done. it was convenient with the reminder.

i also received my last tax thing (non-US) this january and Steam was on it but they dont want anything that is not going in to a bank so it was listed as non-taxable transactions.
rawWwRrr Oct 12, 2019 @ 3:25pm 
Originally posted by df1307:
On Oct. 11, a draft of the “Additional Income and Adjustments to Income” section of the new 1040 form surfaced that included a change was made to the ‘Additional Income and Adjustments to Income’ section. On the new 1040 form, the additional question reads:

“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

The question expects a straightforward yes or no, with no additional details requested.

Is steam wallet an object of this question?
This is about taxable interest, not profit or income from the sale of goods or services. Since the funds in your Steam Wallet do not earn interest, they do not apply to this question. You may still be subject to taxes on the sales of your items that generate those funds as income, but that it out of scope for this specific question.
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Date Posted: Oct 12, 2019 @ 12:21pm
Posts: 17