The NFT market is continuing to grow at a staggering pace each month. There is ever-rising capital available and it’s growing so rapidly that not many professionals like lawyers and accountants have broken into the space yet.
To help remedy this problem, The NFT Tax Guide created by Jacob Martin, Alex Roytenberg, Andrew Gordon, Dan Hannum from ZenLedger and Charles Kolstad from Withers Worldwide aims to demystify NFT taxes for their clients in the United States as well as publish a comprehensive guide to all things NFTs.
Though they are gaining traction and becoming more widely understood, many people know NFTs as art or collectible items with little to no functionality. NFTs are already beginning to gain traction with artists as they provide a new way for artists to connect with fans while also earning an income that they likely get the whole cut from.
According to IRS Notice 2014-21, which states that any digital representation of value that functions as a medium of exchange including conventional crypto tokens as well as NFTs are taxable as such.
Purchasing the guide will include token-gated access through the NFT in your wallet and the $399 subscription of ZenLedger. The accompanying image artwork is by @sartoshi on Twitter.
The NFT Tax Guide 2021 Edition is available for purchase here.
