Crypto and NFT Investors Face the Music on Tax Day

[{"selector":"#anim-1f7cfe26-5f56-4b3f-b0de-b0478643a7ad","keyframes":{"opacity":[0,1]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-48706a94-597c-46eb-b4b9-5529398c23a2","keyframes":{"transform":["translate3d(0px, 176.91893%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

It's tax time. Fortunately, the crypto tax apparatus has already been integrated into major providers, like Turbo Tax, for example, so the industry doesn’t need to start over from scratch with NFTs.

[{"selector":"#anim-275a5ff7-5467-4b20-9219-73185c69654b","keyframes":{"opacity":[0,1]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-19353080-aa51-4b1c-9b45-fc262761a946","keyframes":{"transform":["translate3d(-149.59016%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-72139fed-1c6b-471a-abdf-8f9e429afe13","keyframes":{"opacity":[0,1]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7ab3fe57-762d-497c-bc33-0e8cac14ef38","keyframes":{"transform":["translate3d(92.21557%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Cryptocurrencies and NFTs are blockchain-based assets. Bitcoin, for example, can be used as a payment method or store of value like gold, while NFTs are digital collectibles that might take the form of art, video, music, etc. Nevertheless, the IRS treats them similarly.

[{"selector":"#anim-d9df58ea-276b-4f09-a871-f3d189330df9","keyframes":{"opacity":[0,1]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-695b46f5-e31f-4786-8682-dd8b9725611c","keyframes":{"transform":["translate3d(104.22164%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Both crypto and NFTs are taxed as property, the earnings from which are considered capital gains. If you own capital assets like real estate or stocks, you can expect similar treatment for your NFTs.

[{"selector":"#anim-2ba2f117-2a6c-42f0-b7f1-e31e4107cec1","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22e6e0d9-606e-41df-85da-d40f6819995a","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d47dbebf-b57d-45a9-b5d8-c8165a2f3153","keyframes":{"transform":["translate3d(-105.06667%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9d15ea9a-4b9e-4bd5-a9f8-35096d49c391","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-66fa40ed-0a25-4454-a2b0-4018d0fda3a1","keyframes":{"transform":["translate3d(0px, -520.05441%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

The IRS wants to know if you’ve experienced any gain or a loss, no matter how big or small. Your tax rate is based on the length of time you held the crypto. The longer you’ve held, the better for you.

[{"selector":"#anim-fca2fbee-e07a-4638-8751-6a11d204c50f","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-837a7f1d-eba0-4c97-b4a0-26a44bce1f8b","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-85727782-5f9a-4be2-a298-8f374f1475ed","keyframes":{"transform":["translate3d(-105.06667%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9420c8fc-df65-4295-b682-24bc168770d3","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a17838cc-4b9b-4128-a56e-226b9efeb3bb","keyframes":{"transform":["translate3d(0px, -954.20105%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

The way you’d be taxed for NFTs depends on certain factors, such as if you’re minting or selling NFTs and whether you’re doing so as a hobby or part of a side hustle.

[{"selector":"#anim-b7c1ee0a-2039-413d-af53-ba5352e89bac","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5aca58f6-b8c8-46ac-bd25-5bafe0e1124b","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2fc0bb94-0f70-4f0e-b04f-0d3d1ce90d47","keyframes":{"transform":["translate3d(-105.06667%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0c95b059-a026-42bd-b883-6555d0a8b8a3","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c1d51918-742e-4efd-862c-1bcff9f1770c","keyframes":{"transform":["translate3d(0px, -341.15811%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

TAP THE LINK BELOW FOR crypto and nft investors on tax day

[{"selector":"#anim-3d09d667-b428-427b-814d-7ba30ac49827","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5e576daa-2c58-4976-966b-0fb3ea61f80c","keyframes":{"transform":["translate3d(0px, -153.59886%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-28a02af2-db71-404f-b5f5-ee531713948d","keyframes":{"opacity":[0,1]},"delay":450,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d4dcaaf9-3237-4fcb-be13-17d7e864b319","keyframes":{"transform":["translate3d(0px, -218.12867%, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9da4f706-5299-4cd3-aa44-8adbef030ba1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(2.743902433886155%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Learn more

MOre STORIES

[{"selector":"#anim-9c9dbdd0-d5d3-4628-bfb6-9c1d49dfa34d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2c9aefaa-cb6e-4e41-9eb3-15271529710c","keyframes":{"transform":["translate3d(259.40593%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f945197d-7733-400c-b1bd-3bf844e425a5","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5c707b8d-71e4-48ea-8054-460d7b2477aa","keyframes":{"transform":["translate3d(42.07921%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-425f97c8-84fc-4e19-9eff-8a3b387c9610","keyframes":{"opacity":[0,1]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d8d56371-d82c-4ba8-a040-723cce394c49","keyframes":{"transform":["translate3d(151.50000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d678e949-9b6e-487e-82d9-8d2d2a9f3d81","keyframes":{"opacity":[0,1]},"delay":600,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-db6b5eb4-dba3-48a3-8bee-bd5b2a0eacab","keyframes":{"opacity":[0,1]},"delay":500,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b7d9cd14-9eb5-45a7-acdd-1daf644ddff0","keyframes":{"transform":["translate3d(-44.55445%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9f8b603a-1213-44fa-8284-2f3b95b75528","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d006ac70-ebc7-4110-8cbd-551139ffcc5b","keyframes":{"transform":["translate3d(-260.89109%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bac33d4c-5ac0-4eb0-98e7-d149a3bc3f03","keyframes":{"opacity":[0,1]},"delay":400,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-429e64a7-cb21-45fa-a50d-ad2cc02a8216","keyframes":{"transform":["translate3d(-154.5%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f417a07d-a197-481d-a9ea-e5c12edbb1af","keyframes":{"opacity":[0,1]},"delay":600,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] How to Do Taxes on Your Own: Your Complete Guide It’s Time: 5 Metaverse Stocks Every Investor Needs To Consider in 2022