NFTs For Beginners and How They Are Taxed!
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- Опубліковано 10 лип 2024
- 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
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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🚀 Learn How To Slash $30K Off Your Taxes Without Being A “Tax Expert” Or Spending Money On An Expensive CPA!
Free Strategy Session: www.thetaxonomics.com/strategy
🏦 BEST BROKER FOR ACTIVE DAY TRADING 🚀🌚💸
www.interactivebrokers.com/mkt/?src=brianriveray&url=%2Fen%2Findex.php%3Ff%3D1338
⚡ TraderFyles: Generate your trader specific tax forms! (Coming Soon) ⚡
mailchi.mp/303044cd12e9/untitled-page
⭐Schedule a Trader Tax CPA Consultation! (Available May - Dec Only)
calendly.com/tradertaxcpa/
glad to see the great videos coming back again! Hope all has been well.
Well done!! (Cameryn’s friend) I’m definitely subscribing! I shall learn!
Nice video. Loved the background you had.
I absolutely appreciate and love this channel.
Love this video and would love to see a video on tax breaks for creators!
Additionally I would be interested in a video including any information on legal moves creators should be making before they launch their genesis collection (creating an LLC etc) to protect themselves and their work.
So helpful! Keep up the good 💪
Thanks A LOT! for this video. Cheers.
Great content by the way!
Thanks !
Is there a software that can help you keep track of what is taxable for your nft?
Thank you
Would income generating NFTs be taxed differently as real states that generate income , master nodes, GPU used for mining, etc? Or would they still be taxed as a expense? Thanks for your help.
good looks
Great video, one questions how will META NFT LAND be tax? Like if you sell it or you keep it but lease/rent it out for others to create and use your land? If you get passive income how will you get tax? Will it be like getting when renting AirBnb?
Hey Brian! If I use my virtual land for my LLC business can I deduct the purchase price when filling my taxes? Essentially claim the land purchase amount as a business expense? thank you!!!
I used to be a CPA, and I would say it is likely a yes as long as it is exclusively owned and used by the business for business purposes only, but definitely check with your own tax accountant.
What about if you bought the nft, then traded it for something of equal value? How do you report that? there was never a sale.
What about loss harvesting with NFTs. Can you speak a bit on that?
What about NFT staking? I know I would more than likely earn income from the NFT rewards as a result of staking, but since there’s no guidance, what do I do. I bought the NFT’s with fiat currency.
Is buying eth to purchase an nft a taxable even ? So if I buy eth five minutes later buy and hold the nft is that taxable
Best explanation available ! If I am a foreign creating and selling NFTs on Rarible or Opensea , do I have to pay US Taxes ? Or just trade my ETH to my personal countrie’s account and pay taxes there ?
id say no, are you are US citizen? if so no you just have to follow your countries rules, there is no obligation to play US taxes unless you're a foreign- corporation operating in the US.
So say I bought WAX and used that said wax the same day to where the price of it did not change, to buy a wax NFT, do I pay any taxes on that?
What about royalties and fees? For example if I bought an NFT for 1k sold for 10k but paid 2.5% opensea fee and 10% royalty fee, so i only got 8750 in my account after fees. So my question is: is my capital gain 9k (10k-1K=9k) or is 7750 (8750-1K=7750). Thank you in advance
How does the IRS track your capital gains on nfts if you're using a metamask account that wasn't created in the US?
If I make less than $600 in profit between my nfts and crypto then do I still have to put this on my taxes. I’m having the hardest time trying to figure out how to track this stuff
Would gas fees also incur capital gains and loss? Can we still use that to add onto our cost basis?
Depends on how your interacting but if it’s a trade or swap then can add it to the cost basis.
Thank you for the reply!
NFTs are way deeper than Flex they are THE REAL DEAL 🤘
I agree 100%.. when I originally recorded this they hadn't caught fire just yet. good to see they are becoming more main stream :)..
What if Theo buys one nft for $850 + $75 gas fees.
Sells for 4K -200 fees what is taxable ?
The initial purchase or the selling price
Sales proceeds minus cost basis
@@BrianRiveraCPA so treat it like a trade
925 cost basis - 4000 sales proceeds = 3075 - 200 fees for selling? (2875) is taxable?
Thanks for all the helped I subscribed. Just trying to understand bigger picture