NFTs to be treated as cryptocurrencies for taxation purposes: IRS
According to the Internal Revenue Service’s 2022 tax year guidance, all digital assets, including stablecoins, non-fungible tokens (NFTs), and cryptocurrencies, would be subject to the same tax regulations in the United States. The previous year’s guidance, which used the more constrained term “virtual currencies”, only covered the laws governing cryptocurrencies and stablecoins. Taxpayers who “disposed of any digital asset in 2022” through a sale, exchange, gift, or other transfer will now be responsible for paying capital gains tax. Read details here
