IRS proposes taxing NFTs as collectibles, potentially impacting wealthy investors.
TL;DR Summary
The IRS plans to tax some non-fungible tokens (NFTs) as collectibles, which would tax profits for wealthy owners at a higher rate relative to assets such as stocks, real estate, and cryptocurrency. The federal government levies taxes on collectibles held for more than a year at a top rate of 28%. The IRS requested comments from the public, which are due by June 19.
- The IRS plans to tax some NFTs as collectibles — and the rich would pay up to 28% on profits CNBC
- IRS Considers Taxing NFTs Like Physical Art, Collectibles Decrypt
- IRS calls for public feedback on taxing NFTs as collectibles Cointelegraph
- IRS Looks to Tax NFTs Like Other Collectibles CoinDesk
- IRS Seeks to Tax NFTs Like Other Collectibles CoinDesk
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