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March 3, 2023
Question

Are survey apps and websites considered as a digital asset?

  • March 3, 2023
  • 1 reply
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survey junkie app/website, branded surveys, etc.

1 reply

March 3, 2023

No, these wouldn't be considered digital assets, at least in the tax context.

 

According to the IRS:

 

Digital assets are broadly defined as any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.

 

Digital assets include (but are not limited to):

  • Convertible virtual currency and cryptocurrency
  • Stablecoins
  • Non-fungible tokens (NFTs)

Digital assets are not real currency (also known as “fiat”) because they are not the coin and paper money of the United States or a foreign country and are not digitally issued by a government’s central bank.  

 

A digital asset that has an equivalent value in real currency, or acts as a substitute for real currency, has been referred to as convertible virtual currency.

 

A cryptocurrency is an example of a convertible virtual currency that can be used as payment for goods and services, digitally traded between users, and exchanged for or into real currencies or digital assets.

 

Please see the IRS' Digital Assets page for further discussion.