Sales Tax on NFTs Poised to Heat Up in 2024 - Thomson Reuters

Retrieved on: 2024-02-06 16:21:29

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Blockchains

Cryptocurrencies

Impact of non-fungible tokens on traditional businesses

ERC-721

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Sales Tax on NFTs Poised to Heat Up in 2024 - Thomson Reuters. View article details on HISWAI: https://tax.thomsonreuters.com/news/sales-tax-on-nfts-poised-to-heat-up-in-2024/

Summary

The article discusses the evolving sales and use tax treatment of non-fungible tokens (NFTs) across various states, highlighting the IRS's notice on NFTs as "collectibles," state-specific approaches, and the resulting complexity for taxpayers. Key concepts include NFTs' taxability and economic nexus thresholds. Tags include blockchains, cryptocurrencies, digital art, real estate, Ethereum, ERC-721, and the impact of NFTs on traditional businesses.

Article found on: tax.thomsonreuters.com

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