“NFTs and Taxes: New Rules and What
You Need to Know Now”
To get my complete, FREE article
with all the details…
In this issue of the Tax Reduction Letter, I’ll be talking about NFTs – “non-fungible-tokens.” So let’s start with a definition.
What is an NFT?
NFTs represent ownership of virtual or physical assets which can be bought or sold on online computer platforms.
“Non-fungible” means that each NFT is unique and, unlike Bitcoin, they are not interchangeable with other crypto or real currency.
Yes. This is a skimpy definition because the subject has a lot more substance. Check out my new article for the full story!
What are the new tax rules you need to know?
In my new article, I’ll answer important questions like these…
- Do you have to answer “yes” to the digital assets question on the first page of Form 1040?
- Why is the Notice 2023-27 so important?
- How does the IRS define “collectable?”
- Are digital assets like NFTs treated as property for tax purposes?
- Can NFT purchases deduct capital losses from selling NFTs against other realized capital gains during the year?
And I’ll also cover important tax issues like…
- Taxes for NFT purchases
- Taxes for NFT creators
- The capital gains rates that apply
Want to find out more about Uncle Sam’s tax treatment of NFTs? It’s easy. All you have to do is…
CLICK HERE and read my completely new article titled:
“NFTs and Taxes: New Rules and What
You Need to Know Now”