The U.S. tax agency said it plans to define most NFTs as a collectibles, akin to gems and cards, until the “further guidance is issued.”
The IRS and Treasury Department sought public comment on the current tax treatment of non-fungible tokens as collectibles, the agencies said a statement released Tuesday,.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The Internal Revenue Service and the Treasury Department want feedback on the treatment of NFTs as collectibles for tax purposes.
Accountants have recommended treating NFTs as collectibles for tax purposes since they substantially grew in popularity two years ago, the IRS guidance would formalize that tax treatment, placing NFTs in the same tax category as physical art, like paintings and sculptures.
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