Why the IRS Plans on Adding a 28% Tax on NFT Collectibles
Why the IRS Plans on Adding a 28% Tax on NFT Collectibles The Internal Revenue Service and Treasury Department in the United States have sought feedback on plans to treat NFTs in the same way as traditional collectibles like artworks for taxation purposes. Should new rules be imposed, they could see non-fungible token holders paying as much as 28% in tax on their holdings. The IRS Wants to Tax NFTs Forcollectors of NFTs, this would mean that they should consider their tokens similar to their more tangible counterparts, such as art, collectibles, stamps, gems, and vintage wines....