INTRODUCTION TO US TAXATION OF NFTS -
Despite Non Fungible Token (NFT) sales hitting nearly US$21 billion by the end of 2021, making NFTs almost as valuable as the global art market, they are currently completely ignored by the US Internal Revenue Service (IRS) in the agency’s pronouncements on the taxation of cryptocurrencies.
An NFT is a unique, digitised certificate (a token) stored on a blockchain. It can be a representation of something tangible, e.g., a piece of music, or it can be an original creation that exists only in digital form.
Please see full publication below for more information.
