Yes, you definitely have to pay taxes on those NFT gains, according to a newly expanded definition for “digital assets” released by the U.S. IRS. jesseahamilton reports
The U.S. Internal Revenue Service has made a move this week to clarify at least one question for crypto investors: how taxpayers account for non-fungible tokens .for its 2022 instructions for form 1040 filers that swaps the old category for “virtual currency” with broader new language on “digital assets,” including an explicit recognition of NFTs.
“Digital assets are any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology,” according to the draft instructions. “For example, digital assets include non-fungible tokens and virtual currencies, such as cryptocurrencies and stablecoins.”
The previous year’s “virtual currency” section of the U.S. tax-filing instructions was a narrower definition of a digital token “that functions as a unit of account, a store of value, or a medium of exchange.” The final tax instructions haven’t yet been released, so the crypto section could still be tweaked before it’s official.“if you disposed of any digital asset in 2022, that you held as a capital asset, through a sale, exchange, gift, or transfer,” according to the latest document.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Who needs an (unreleased) iPad Pro (2022) when the iPad Air (2022) is so deeply discounted?Apple's powerful iPad Air (2022) just so happens to be on sale at some of its lowest ever prices with and without 5G right before the iPad Pro (2022) launch.
Read more »
I.D.E.A.S. 2022 Presented by CoinDesk | October 18-19, 2022'Carrying a hardware wallet is basically announcing everyone that you are a crypto user and can be easily targeted.' myetherwallet CEO and Founder kvhnuke_ explains and discusses the history of wallets and the future of crypto wallets at CoinDeskIDEAS.
Read more »
The best portable home theater projectors for 2022 | Digital TrendsPortable projectors are a great way to watch a movie while camping or for work presentations on the go. Here, we've picked the best offerings available.
Read more »
Seahawks Deserve Major Praise For 2022 NFL Draft ClassWe're only a handful of weeks into the 2022 season, but it's safe to say the Seahawks knocked it out of the park with their draft class. jfmckessy on how nearly every member of Seattle's class is having a major impact early on. GoHawks
Read more »
Seahawks 2022 Draft Class: Tariq Woolen leading a special group of rookiesThis could be Seattle’s best draft in years.
Read more »
Magic’s Paolo Banchero Agrees to Sneaker Deal with Jordan BrandPaolo Banchero, the No. 1 overall pick in the 2022 NBA draft, officially has signed a multiyear sneaker deal with Jordan Brand, per Boardroom
Read more »