United States evaluates payment of taxes by NFT

The Treasury Department and the Internal Revenue Service are looking at how to establish taxes for non-fungible tokens, NFTs, just like all collectibles do

The payment of taxes for collectibles, such as stamps, sooner rather than later will reach non-fungible tokens (NFT), according to the advances in this regard by the US Department of the Treasury and the Internal Revenue Service (IRS).

The objective of the country’s tax authorities is to clarify an aspect that generates doubt and confusion among NFT holders and creators, as well as their tax obligations.

Both the IRS and the Treasury Department are considering opinions “suggesting that NFTs may be subject to less favorable treatment under capital gains tax rules. This could also have implications for retirement accounts held by NFTs.”

The IRS has indicated that while a clear and definitive regulation is established, NFTs will be considered as underlying assets. As an example, they indicate that the NFT of a jewel must pay a tax, “since the jewel must pay it”. However, doubts arise regarding the NFT of an apple, which in theory will not pay tax unless it is a “work of art”.


Source: cripto247

(Reference image source: Andrey Metelev, Unsplash)

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