Taxation of Non-fungible Tokens (NFTs)

Overview

Non-fungible Tokens (NFTs), unique, identifiable digital assets based on blockchain technologies, have become a fast-growing industry. This course will provide a background on how NFTs came into the mainstream marketplace. These materials will assist the practitioner to understand the tax implications of the creation, purchase and sale of these assets.

Highlights

• NFT basics
• Classification of NFTs
• Current Legislative and Policy Environment
• Tax implications of creation, sales and exchanges of NFTs.

Prerequisites

None

Designed For

This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs

Objectives

• Be able to define NFTs and describe how they are created.
• Develop a working knowledge of how NFTs are recorded and transferred.
• Determine what type of transaction involving an NFT creates a taxable event.
• Be able to identify how NFTs are classified.
• Discuss the current legislative environment and actions taken to regulate NFTs.
• Become knowledgeable of current enforcement actions employed by the IRS.

Preparation

None