The NFT Tax
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It makes more sense to consider NFTs as collectibles than it does gold bars.
Only non-witches get due process.
- Cotton Mather, Salem Massachusetts, 1692
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@jon-nyc said in The NFT Tax:
It makes more sense to consider NFTs as collectibles than it does gold bars.
Both are ridiculous IMO.
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@jon-nyc said in The NFT Tax:
It makes more sense to consider NFTs as collectibles than it does gold bars.
I’ve always disliked taxing collectibles, period. You bought the collectible with already taxed income, then you paid sales tax in buying the collectible. Most collectible requires some type of care and maintenance which is taxed again, and when somebody purchases the item, it’s with cash that was already taxed…
NFT’s are a little different since there normally isn’t sales tax.
The Brad
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@jon-nyc said in The NFT Tax:
It makes more sense to consider NFTs as collectibles than it does gold bars.
I’ve always disliked taxing collectibles, period. You bought the collectible with already taxed income, then you paid sales tax in buying the collectible. Most collectible requires some type of care and maintenance which is taxed again, and when somebody purchases the item, it’s with cash that was already taxed…
NFT’s are a little different since there normally isn’t sales tax.
@LuFins-Dad said in The NFT Tax:
NFT’s are a little different since there normally isn’t sales tax.
...yet.
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@jon-nyc said in The NFT Tax:
It makes more sense to consider NFTs as collectibles than it does gold bars.
I’ve always disliked taxing collectibles, period. You bought the collectible with already taxed income, then you paid sales tax in buying the collectible. Most collectible requires some type of care and maintenance which is taxed again, and when somebody purchases the item, it’s with cash that was already taxed…
NFT’s are a little different since there normally isn’t sales tax.
@LuFins-Dad All of those things are true about securities too.
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I like the idea of taxing the gains from "collectibles" more than those from "securities" or most investment assets in general. Most real estates, stocks, and bonds arguably have utilities that contribute to broader social good, not so much with collectibles. I would rather resources be invested in asset classes that have such utilities than to have resources locked up in "collectibles" doing nothing useful. So I see a reasonable argument to tax gains from collectibles more heavily than the usual capital gains rates.
