Crypto and NFT Investors Face the Music on Tax Day
Ready or not, tax time is upon us once again. If 2022 is anything like last year, billions of dollars in refunds will be issued across 160 million-plus American filers who qualify.
And while cryptocurrencies like bitcoin have been around for over a decade, they will undoubtedly be part of the conversation once again as wide-scale adoption has taken hold.
Indeed, some 15% of the U.S. population owns cryptocurrency, according to Bloomberg.
This may not be crypto's first rodeo, but non-fungible tokens (NFTs), digital assets on the blockchain that have created millionaires out of thin air, are a newer phenomenon.
NFTs might seem like simple jpegs, but users are plunking down six and seven-digit figures to have proof of NFT ownership on the blockchain, which it's safe to say has gotten the attention of Uncle Sam.
Fortunately, the crypto tax apparatus has already been integrated into major providers, like Turbo Tax, for example, so the industry doesn't need to start over from scratch with NFTs.
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