First Words From IRS on NFT Taxation
The IRS has finally broken its silence on the taxation of nonfungible tokens (NFTs) – at least partially. Notice 2023-27 gives us some indication of how the IRS views NFT...
NFT Taxes
How Do I Write Off Worthless NFTs and Cryptocurrency Tokens?
You are able to write off worthless crypto and NFTs if you can show you have permanently discarded them. The simplest way to do this is usually to send them to a null add...
How Will Metaverse NFTs Be Taxed?
Before reading this article, we suggest first reading our previous articles on NFTs and P2E gaming. While they’re of course different topics, several of the concepts in t...
Are Crypto P2E (Play-To-Earn) Gaming Rewards Taxable?
Rewards from blockchain games are likely taxable – either as hobby income or as business income. Making Money Just by Gaming We’re going to take a break from talking abou...
How Are Gaming NFTs Taxed?
Gaming NFTs vs. Art NFTs In our last article we discussed how digital art NFTs are taxed. Some of those principles will be true for gaming NFTs as well: If you are the or...
How Are Art NFTs Taxed?
In our last article on NFTs we noted how the different use cases for various NFTs may affect how they are taxed. NFTs that have a hard utility (such as usable items in ga...
How Are NFTs Taxed?
At this point there has not been any NFT-specific guidance issued by the IRS. Their taxation will vary based on future guidance and likely the use case for each specific ...