On October 20, the Washington Department of Revenue hosted a public “listening session” to garner taxpayer feedback on the Interim Statement it published regarding the tax treatment of Non Fungible Tokens (NFTs), dated July 1, 2022. As written here, Washington is one of a small handful of states that has overtly addressed the sales tax treatment of NFTs, with the other jurisdictions being Puerto Rico, Minnesota and Pennsylvania. Of those states, Washington has been the most thoughtful in attempting to understand the underlying technology surrounding the minting and transfer of NFTs, including the tax complexities related to how transactions are effectuated on the blockchain using smart contracts and cryptocurrency. Washington has also, at least initially considered the reality that most NFT transactions occur through marketplace facilitators, many of which are located outside the United States.
Source: SOVOS
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