NFTs fall into line – So it goes taxation like regulation. Each year brings its share of novelties and changes in the consideration of cryptocurrencies. From one country to another, Bitcoin (BTC), stablecoins or even NFT are not subject to the same obligations. Of the’Germany to United States, each government is dealing with this new financial environment in its own way. And precisely, in the land of Uncle Sam, the US tax authorities have just brought some details on these assets called “digital”. Decryption!
Crypto and US taxation: what will change in 2022
across the Atlantic, the Tax service is called theInternal Revenue Service (IRS) and is attached to the US Treasury Department. Its mission is to collect taxes on work, companies and inheritances and, of course, on income. And to the extent that the cryptocurrencies can generate income, they are therefore subject to the general tax system.
However, until last year, their definition left a small part of vagueness. the document reference spoke of “virtual currency” and digital token functioning as “a unit of account, a store of value or a medium of exchange”. In 2022, make way for clarity with a broader and more complete definition:
“Digital assets are any digital representations of value that are recorded on a cryptographically secured distributed ledger or similar technology. For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins. »
NFTs: no longer collectables
And the IRS goes further by anticipating possible innovations. The service states that “any financial asset with the characteristics of a digital asset will be considered as such”. But the most notable change therefore concerns non-fungible tokens: NFT. Previously classified with collectibles in the same way as antiques, works of art or downright precious stones, NFTs finally join cryptocurrencies in the category “digital assets”.
Clearly, this is tax progress, since the tax rate goes from 28% to zero, 10 or 15% depending on the seller’s income. From an artistic point of view, creators may be disappointed to leave the category “work of art”. Either way, the US citizen will have to declare any NFT “purchased, exchanged or received as gifts in 2022 from the competent services”.
Administration of Joe Biden has thus decided to take things in hand and with the pragmatism that we know of. The Americans therefore went straight to the point. No feelings with NFT who become simple financial assets, such as stocks or bonds. This decision is debatable, but it has the merit of defining a frame light in which everyone can evolve. Dear compatriots, know that it is not the same with us and, unless a last minute reversal intervenes, you will in some time be subject to the same plan as last year.
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NFT: simple digital assets in the USA – The tax authorities provide an update
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