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How do I deal with tax issues related to a crypto game I played?

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by COINS NEWS 59 Views

Edit: I’m located in Virginia, U.S.

First and formost, I understand the tax portion, and am fully aware that I need to pay short term capital gains tax on what I pull out.

However, this is my situation. I’ll try to break it down as simple as possible.

Needed info: I already filed my taxes in February and already owe money due to me not withholding enough, and only received my 1099-B at the end of march after I filed them. I played the game over a year ago and forgot about everything so wasn’t really expecting a 1099-B, much less over a month past the FEB 15th deadline for businesses to send 1099-B’s.

First, I discovered a (horrible) game on my iPhone (iOS), called NFL Rivals. I found out it’s tied to Crypto, through it’s marketplace.

You could buy packs with cards in it, use cards you want and sell the cards you don’t want on their marketplace. The marketplace is where all sales go through, so you can buy/sell cards on there in the “Mythos” crypto, and then you can transfer your assets out to Uphold and withdraw in USD.

What I ended up doing is, pulling packs by buying them in USD through the Apple Store, selling cards into Mythos cryptocurrency, transferring money to Uphold, Withdrawing into USD and repeating the process.

Overall, going through my iOS purchase statements I spent about $6,400 on the game, and I got about $6,700 back from the game that I withdrew in USD.

However, the issue is that the marketplace doesn’t issue 1099’s related to crypto, and since I’m transferring out to Uphold, the 1099-B they sent me shows pure capital gains of $6,700.

I can see my “transactions” on the games marketplace, and they make it difficult on purpose where you can only view one at a time, and I’m talking about likely 1,000+ transactions easily.

Do I print out the information from every individual transaction? Would my iOS purchase history alone be enough here?

submitted by /u/SteelCity917
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