- NFTs are popular digital assets denoting ownership of collectibles like sports cards and artwork
- IRS is looking into taxability of NFTs, considering them as collectibles
- States are starting to consider sales tax on NFTs, with guidance varying across different states
- Minnesota and Washington have made progress in determining sales tax on NFTs
- Factors determining tax treatment of NFT transactions include components, taxability of underlying goods, and identity of parties involved
Source: taxconnex.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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