Taxing NFTs

Tuesday March 23, 2022 – NFTs have gone mainstream – but the IRS has not yet come up with guidelines on how they should be taxed – Capital Gains, Income, dividends, or collectibles?

“The digital economy is rapidly evolving, but our tax code is lagging behind. Currently, the burden to report and calculate gains on virtual currency transactions falls on the consumer,” DelBene said in a statement to POLITICO. “This includes purchasing NFTs.”

“While the IRS is aware of and monitors developments with digital assets, the IRS has not issued specific guidance on NFTs,” an agency spokesman said.

Attorney Steven A. Leahy reviews taxing NFTs, along with Cryptocurrency and other blockchain assets.

Steven A. Leahy is a tax attorney in Illinois. He is the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

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