The IRS Is Seeking Public Comment On Whether They Should Tax NFTs Like Works Of Art

The IRS is seeking comments on how to treat non-fungible tokens (NFTs) for tax purposes and is contemplating treating them as "collectibles", with potential tax implications for long-term holders and full-time dealers, and will determine whether an NFT is considered a collectible by applying a "look-through" analysis that examines the asset's ownership rights, while seeking input on factors such as NFT definitions, whether NFTs can be considered works of art, tangible personal property or both, and other helpful guidance.

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