NFTs For Beginners and How They Are Taxed!
NFTs for beginners and How They Are Taxed!
We explore the basic concepts of an NFT, the types of transactions you might have, and how the IRS might view these transactions.
NFT Creator – artists who create NFTs and offer them for sale in market places
NFT Investor – individuals who buy and sell NFTs for speculation
IRS Guidance on Investments in Collectibles
https://www.irs.gov/retirement-plans/...
0:00 Introduction
0:50 NFTs Defined Fungible vs. Non-Fungible
1:58 Big Money Sales
2:33 How Do They Work
3:01 Why Buy?
3:24 Tax Basics
3:55 NFT Creators and Investors
7:41 Keep This In Mind
8:01 Big Picture Overview
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DISCLAIMER: I am not a financial adviser but fortunately I am a CPA :). These videos are for educational and entertainment purposes only and should not be taken as "individualized" tax advice. Should you need tax solutions I highly recommend consulting with a professional or our CPA Firm. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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