WebJan 27, 2024 · NFT stands for ‘non-fungible token’ — an authentic, irreplaceable asset that lives on a blockchain. Every NFT is unique, even if multiple ones represent the same item. Prominent use cases for NFTs today include in-game assets, digital art, and collectibles. In comparison, fungible assets — like Bitcoin (BTC) or the US dollar — have ... WebIn 2024, the IRS released a draft stating that NFTs would be considered ‘digital assets’, similar to cryptocurrencies. If you sold, received, or gifted any NFTs during the tax year, you’ll be required to check ‘Yes’ on the ‘ crypto tax question ’ on Form 1040. In addition, NFTs are subject to capital gains and ordinary income tax.
In Huge Precedent, IRS Refunds Income Taxed On Unsold, …
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MonkeDAO Plans to Buy Rights to Popular Solana Monkey …
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