IRS and Treasury issue new guidance on NFT taxation InternalRevenueService TreasuryDepartment IRS
- As the U.S. government moves to get a regulatory handle on the cryptocurrency ecosystem, the Treasury Department and the Internal Revenue Service have issued new guidance on non-fungible tokens and are asking for feedback on their plan to tax them as a collectible under the current tax law.
The IRS and Treasury appear to be particularly concerned about the purchase of NFTs in retirement accounts and the dangers they pose to the long-term financial health of retirees. “Under the look-through analysis, an NFT is treated as a collectible if the NFT's associated right or asset falls under the definition of collectible in the tax code,” the IRS said. “For example, a gem is a collectible under section 408; therefore, an NFT that certifies ownership of a gem is a collectible.”
In November, reports emerged that the agency's criminal investigation division was gearing up to bring the hammer down on crypto tax evaders and was building hundreds of cases focused on things like “off-ramping” transactions, where digital assets are exchanged for fiat currency, as well as people being paid for work in crypto and not reporting that income on their taxes.
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