Andrea S. Kramer, of McDermott, Will & Emery, has made available for download her article “What You Need to Know About the Taxation of NFTs”. The abstract is as follows:
Non-fungible tokens (NFTs) are today’s hottest digital assets. They are also completely ignored by the Internal Revenue Service—to date, at least—even in the agency’s pronouncement on the taxation of cryptocurrencies.
In this series of articles, we’ll start cracking the NFT code: what they are, how they are created, bought and sold, how they might be taxed by the IRS, and the use of NFTs for charitable contributions and fundraising purposes.
To see the full article, click: “What You Need to Know About the Taxation of NFTs”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.