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NFT Taxes: Everything You Need to Know Now
Manage episode 319318347 series 2917371
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This week, I talk to the NFT CPA, Alex Roytenberg, to learn everything we need to know about NFT and crypto taxes.
This was an enlightening episode. We learn how Alex found his way into crypto and NFT tax account, and then Alex answers these questions and more:
- How much of an impact state laws play in tax accounting.
- What is safe harbor?
- As an accountant, how he's dealing with the vacuum of information from the IRS.
- What are the ramifications of ignoring crypto and NFT taxes?
- What actually is an audit and why is it a concern?
- Can I avoid paying taxes by just secretly keeping everything in my Metamask wallet?
- What's the difference between tax planning and tax avoidance?
- Do I have to claim airdrops ($ENS, $SOS, etc) on my taxes?
- Domain in control and how timing your claim of an airdrop can be to your detriment.
- How often do artists and creators need to convert to stable coin or fiat to be prepared for taxes?
- What percentage of income from an NFT project should be put aside for taxes?
- When is it a taxable event for a developer or other crypto service provider?
- Is holding an NFT that's increased in value a taxable event?
- Is an NFT trade a taxable event?
- Is there tax liability when selling an NFT for a profit and immediately reinvesting it into other NFTs?
- Since crypto is fungible and I've bought at many different prices, how do I determine which ETH I'm spending at any given time?
- How to reduce your cost basis across wallets.
- What can we do to reduce our NFT tax burden?
- What is the wash sale rule and is it something we need to be concerned with this year?
- What does an accountant need to do your crypto/NFT taxes?
- How much does it cost for crypto/NFT tax accounting?
- How should someone be planning now to be better prepared for taxes next year?
- For a 100 ETH, verified project that hasn't already converted any ETH to fiat or stable coin for taxes, what can they do today?
- How to find an accountant versed in NFTs and crypto.
Follow Alex @TheNFTCPA on Twitter.
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