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Thursday

22 April 2021

Investor or Creator? How to Pay Taxes on NFTs | Crypto Briefing

Investor or Creator? How to Pay Taxes on NFTs | Crypto Briefing


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While there are finally a growing number of tax education resources available forDeFi taxesandcrypto taxes, tax information for the non-fungible token (NFTs) industry is still sparse.

Ryan pointed out that manyinvestorsare buying non-fungible tokens for speculative or trading purposes, making their tax liability similar to what it would be for crypto trading.

Ryan stated that while seasoned investors are likely considering taxes, newcomers may not have stopped to think about these liabilities for NFTs.

While the industry is promising, Ryan said that the IRS has a “tough task” ahead when regulating and taxing the industry without stifling it in the process

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