Understand NFT Taxes in 5 Minutes!
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- Опубліковано 29 вер 2024
- Ok. I know you don't want to deal with this -- frankly, neither do I -- BUT ... you've got to pay TAXES on your NFTs. But, it's not really that big of a deal. Give me 5 minutes, and I'll help you understand NFT capital gains taxes, so that the IRS doesn't come knocking your door 😬 Also, get my FREE NFT Tax Spreadsheet HERE ⬇️
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#taxes #nfts #iancorzine
Any questions on NFT taxes? I'd love to answer them on Discord. Here's the link: discord.gg/Y84TSY23hu
A retired F-16 pilot researching UAPs has set up an organization using artificial intelligence with ground optics to be installed all around the world. They're selling NFTs as an investment for 1.5 crypto (around $4,000) to get working capital. I am not investing; but it's a unique way to fund their project.
Yep. You're right!
What about NFTs that were stolen ?
Well I already fucked up
So if I paid 45,000 in crypto and I sold it for 44,000 I wouldn’t have to pay tax on it because it’s at a loss
Right
Same as when you get a loan, debt is not taxable either, and loss is not taxable at all
How does minting NFTs work with taxes? Or selling NFTs for crypto? Do I still pay taxes or only when I sell that crypto?
Tbh, this was the best video covering tax laws on NFTs. It was really easy to understand, and covered a lot. As a student who just started investing in crypto, the thing that scares me the most is taxes. I spent hours trying to figure it all out until I started watching these vids, and koinly guides. More on the latter, it is a crypto tax software that generates all the forms you need for you automatically. They also have blogs and guides (ones on NFTs) that makes everything much easier. Keep up the great work!
Thanks Alanna -- I am so happy -- I watched the NFT tax videos, too. With respect, they made NFT tax laws WAY more complicated than they are.
@@iancorzineI need your help some videos of mine have been getting copyrighted am I dispute didn’t work.
I wanted to join your server to get more info, but it didn’t work. Could you help?
I am going shopping now after this video 💰
it was great to start learning crypto
I liked it, thanks
great, more please
Do I pay tax before withdrawing nft
loved the video
Thanks for you help men!
It’s stuff like this that keeps me subscribed
Howdy Ian!
A lil while back you checked my message on IG about social network fan pages being better to not create and run - basically, due to the potential of violating the law. You replied saying you see if you can work it in. I just wanted to follow-up. Could ya, please?
Hey Brian! Refresh my memory on this one.
I just resent the three part message on IG for ya.
What about losses ?
Thank you!🙏
So even if i didn't sell any NFTs but due to ETH pumping from when i bought said NFT i still owe taxes on that?
I believe it depends on what eth was at the time of the purchase. You buy eth@ $1,000 but hold till $2,000 then decide to buy a nft with eth worth $2,000, That event triggers gain. However like he hinted @ in video they don't know what eth you bought it with so technically you can buy eth @ time of purchase and claim you used that eth instead. Hope that was not confusing.
@@ramosrory everytime i bought an NFT though it was as soon as i bought the ETH so technically no gain?
how do they know that the wallet is yours though?
does anybody know the answer to this
@@ravens4life260 💀
Bruhhhh didnt even think of this 💀
I'm late to the party but I just had a marketplace that demands I pay 1.89 eth for taxes BEFORE I withdraw some of my balance. They say they won't let me withdraw my eth without paying this fee. Is that allowed? Additionally, they charged me 1.3 eth as a "one time withdrawal gas fee."
That’s insane. What marketplace was it