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.