- Michigan Department of Treasury deems NFTs taxable if they represent ownership interest in tangible personal property
- NFTs representing digital goods are not taxable
- NFTs are defined as digital assets linking ownership to unique physical or digital items
- Michigan does not tax digital goods, but NFTs linked to physical material or goods are taxable
- Those working in the digital space should be aware of taxability of digital goods as legislation continues to evolve.
Source: salestaxinstitute.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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