Bulletin Addresses Tax Treatment of Different Types of Virtual Currency and Potential EV Charging Tax Liability
Summary of Wisconsin Tax Bulletin 231 (Wis. Dept. of Rev., 10/25):
- Convertible Virtual Currency: Sales and purchases of convertible virtual currency (exchangeable for cash) are generally not taxable, but if used to pay for taxable goods or services, tax applies based on its U.S. dollar value at the time of purchase.
- Nonconvertible Virtual Currency: Sales of nonconvertible virtual currency (usable only within a platform) are taxable at the time of sale if it can be redeemed for taxable products/services; no additional tax applies upon redemption unless extra consideration is paid.
- Additional Guidance: Certain nonconvertible currencies functioning like gift cards are generally not taxable; bulletin also notes potential EV charging excise tax liability for businesses, governments, and nonprofits—even if charging is free or not public.
Source Deloitte
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