IRS vs NFTs: Are Higher Taxes Coming for Your Digital Art?

Clinton explores a controversial new IRS ruling proposing to tax NFTs as collectibles at an escalated 28% long-term capital gains rate. Alongside experienced crypto tax attorney, Andrew Gordon, he analyzes this potential change that could have a significant impact on the NFT community. Together, they unpack the definition of collectibles under the tax code, debate the tangibility and artistic qualities of NFTs, and discuss the practical difficulties of implementing such a tax. Tune in for an insightful discussion on the rapidly evolving intersection of cryptocurrency and tax law. If you're an NFT holder or interested in crypto, this is one conversation you won't want to miss!

💎 Guest: Andrew B. Gordon, managing attorney at Gordon Law Group, is a dual-professional combining his Certified Public Accountant credentials with a law degree from Chicago Kent College. He specializes in areas like tax compliance, cryptocurrency law, FTC defense, internet law, and corporate litigation.

Renowned among tech startups and affiliate marketers, he expertly navigates legal complexities while bolstering profits and reducing risk. His relentless commitment yields impressive savings for his clients and delivers peace of mind.

For daily insights follow Gordon Law Group
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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬

00:00- Intro
01:27 - Meet Andrew Gordon
02:40 - IRS Notice 2023-27
05:20 - NFTs vs Traditional Collectibles
06:49 - Defining 'Collectibles' in the Crypto World
07:42 - Is a Digital File a 'Collectible'?
09:10- Fine Line Between 'Tangible' and 'Intangible'
10:32 - Can NFTs Be Considered 'Personal Property'?
11:38 - Art or Not? The Subjectivity of Valuing Crypto Assets
13:14 - Subjectivity and Rarity - The Two Faces of Collectibles in Crypto
13:49 - Comparing Classic Collectibles and NFTs
14:33 - Tax Code & Collectibles
14:54 - The Evolution of NFTs
17:44 - IRS's Take on NFTs
20:05 - Tangible vs. Intangible
14.22:04 - Tips for the Uncertain Trader
23:43 - End

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📣 Host: Clinton Donnelly
Twitter 👉 https://twitter.com/CryptoTaxFixer

Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.

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