NFT: simple digital assets in the US – Tax authorities provide an update

NFTs fall in line – That’s how it goes TAX as regulations. Every year brings its share of innovations and changes in the consideration of cryptocurrencies. From one country to another, Bitcoin (BTC), stablecoins or even NFT are not subject to the same obligations. toGermany to In the United States, each government is dealing with this new financial environment in its own way. And right, in the land of Uncle Sam, the US tax authorities have just brought some the details on these ASSET called “digital”. Decoding!

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Crypto and US Taxes: What Will Change in 2022

across the atlantic Tax service calledInternal Revenue Service (IRS) and is attached to the US Treasury Department. Its mission is to collect taxes on employment, companies and inheritances and, of course, on income. And to the extent that cryptocurrencies can generate income, therefore they are subject to the general tax system.

However, until last year, their definition left a bit of ambiguity. of document reference spoke “virtual currency” and the digital token works as “a unit of account, a store of value or a medium of exchange”. In 2022, pave the way for clarity with a broader and more complete definition:

“Digital assets are any digital representation of value that is recorded in a cryptographic distributed ledger or similar technology. For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins. »

Taxation of NFTs is changing in the United States

NFT: no more collections

And the IRS goes further by predicting possible innovations. The service points out that “Any financial asset with the characteristics of a digital asset will be considered as such”. But the most obvious difference concerns the immutable arguments: NFT. Previously classified with collectibles in the same way as antiques, artwork or gems, NFTs finally join cryptocurrencies in the category “digital assets”.

It is clear that this is tax progress, since the tax rate goes from 28% to zero, 10 or 15% depending on the seller’s income. From an artistic point of view, creators may be disappointed to leave the category “work of art”. Either way, the US citizen will have to declare every NFT “purchased, exchanged or received as a gift in 2022 from competent services”.

Administration of Joe Biden so he decided to take matters into his own hands and with the pragmatism we know. Therefore the Americans went straight to the point. There are no feelings NFT that are made simple financial means, such as stocks or bonds. This decision is controversial, but it has the merit of defining a frame light in which everyone can develop. Dear countrymen, know that it is not the same with us and, unless there is a change at the last minute, in time you will be subjected to the same plan as last year.

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