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Axie Infinity is a blockchain game developed by Vietnamese studio Sky Mavis, [1] known for its in-game economy [2] which uses Ethereum-based cryptocurrencies. [3] It has been called 'a pyramid scheme that relies on cheap labor from countries like the Philippines to fuel its growth.' [4]
Of course, you could just as well have a tax loss, if the value of goods, services or real currency is below your cost basis in the cryptocurrency. In either case, you’ll have to know your cost ...
A subset of these games are also known as play-to-earn games because they include systems that allow players to earn cryptocurrency through gameplay. Blockchain games have existed since 2017, gaining wider attention from the video game industry in 2021. Several AAA publishers have expressed intent to include this technology in the future ...
As always, check with a local tax professional to assess your own particular tax situation. You need to report your cryptocurrency activity if you incurred a taxable event during the year. 5 ...
As of 2017, the Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset. [70] Each time a bitcoin is sold, the seller would have to pay a capital gains tax of 25%.
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In December 2022, Stephen Findeisen, better known as Coffeezilla, a YouTuber who exposes cryptocurrency scams, [11] ran a three-part docuseries on his YouTube channel about how the game was not functional despite the fact that millions of dollars of funding had been raised from investors. [12]
The tax form typically provides all the information you need to fill out Form 8949. However, crypto exchanges may not provide a 1099, leaving you with work to do, though the best crypto brokers ...