The recent explosion of the creation and sale of NFTs has brought about significant concerns regarding the taxation of these transactions for sellers, purchasers, and investors. Tax counsel and accountants for clients holding and selling NFTs must understand applicable tax rules, reporting requirements for these transactions, and the tax treatment of NFTs.
An NFT is a digital certificate of certain rights associated with a digital or physical asset. Thus far, NFTs have been created and sold for various assets within the art, music, and sports industries worldwide. However, since NFTs and NFT transactions are fairly new, the IRS has yet to issue guidance directly addressing NFTs. This forces taxpayers to rely on general tax law principles and current IRS guidance on digital assets and virtual currency.
Tax counsel and advisers must recognize applicable tax rules for NFTs, differences to cryptocurrencies, and define proper reporting and tax treatment for NFT transactions.
Listen as our panel discusses critical tax considerations for NFT transactions, tax issues for creators and investors, and other key issues for NFTs.
This OnDemand CLE program earns 1 hour of General credit in California. It aired April 1, 2022 and features Jordan Bass, Jonathan Kalinski, and Michele F.L. Weiss.
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