The United States Treasury Department and the Internal Revenue Service are trying to determine if NFTs should be considered collectibles
The U.S. Treasury Department and the Internal Revenue Service are considering treating non-fungible token art as collectibles under the tax law, according to an announcement on Tuesday.
NFT... The U.S. Treasury Department and the Internal Revenue Service are considering treating non-fungible token art as collectibles under the tax law, according to an announcement on Tuesday. NFT art first surged in popularity in 2021 after the sale of a $69 million digital art piece by artist Beeple. Collections like the Bored Ape Yacht Club and CryptoPunks also rose in popularity that year, with celebrities buying into them, including Jimmy Fallon, Paris Hilton, and Eminem.
In recent months, NFTs have been rising in popularity again. Donald Trump launched an NFT collection in December, and all 45,000 NFTs in the collection sold out in less than 24 hours. In January, NFTs saw a $946 million trading volume, the highest recorded since June 2022. Even the recent banking collapse had little impact on the price of top-performing NFT collections like the Bored Ape Yacht Club, though NFT trading volume more broadly did decrease by 51% since the beginning of March.
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IRS Seeks to Tax NFTs Like Other CollectiblesNFTs will be taxed like the underlying assets until final rules are agreed on how to treat digital proofs of ownership held in retirement accounts
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IRS to formalize tax treatment of NFTs as collectibles, similar to other artThe U.S. tax agency said it plans to define most NFTs as a collectibles, akin to gems and cards, until the “further guidance is issued.”
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IRS calls for public feedback on taxing NFTs as collectiblesU.S. taxpayers filing their 2022 returns before the April 18 deadline likely won’t be affected by a proposed IRS guidance on treating nonfungible tokens as collectibles.
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NFT wash trading increases by 126% in February: dataSix marketplaces were examined in the report including Magic Eden, OpenSea, Blue, X2Y2, CryptoPunks and LooksRare, with X2Y2 accounting for the highest percentage of wash trades.
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