NFT TAX 2021 (Time Sensitive)



Don’t wait and prepare now for your NFT taxes and crypto taxes for 2021. In this video we will cover important concepts to understand about NFT and crypto tax. We will cover cost basis, trading crypto for NFTs, short term and long term capital gains, capital losses, wash sales, and other very important information you must know about NFT taxes for 2021.

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Time Stamps:
VERY IMPORTANT!! – 0:00
What Is Taxed In The US? – 0:42
NFT Tax Example – 1:08
Capital Gains/Losses End of Year – 2:35
NFT Tax Software – 4:55
Prepare Now!! – 7:30
Wash Sale Trick – 9:53
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DISCLAIMER: This is NOT financial or legal advice. I am just offering my opinions. I am not responsible for any investment or legal decisions that you choose to make. This description may contain affiliate links for products that I believe in and use personally. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). Thank you for your support.

#NFT #crypto #tax

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40 thoughts on “NFT TAX 2021 (Time Sensitive)

  • April 24, 2022 at 12:50 am
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    Great video, answered most of my questions, however I do have one question.

    Your first example made perfect sense. Buy 1 eth at $1k, buy NFT at $4k, $3k gains on the purchase of the NFT. Then say you sell the NFT for 2 ETH at $4k. Thats another $4k profit. (Total profit now $7K)

    Now say you flip those profits into another NFT however the market drops and ETH is now only worth $2K.

    How do you calculate the leap frog affect of trading NFTs and acquiring different amounts of crypto at different prices when deciding the cost basis of the purchases?

    Reply
  • April 24, 2022 at 12:50 am
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    How does the IRS track your capital gains on nfts if you're using a metamask account that wasn't created in the US? (Binance account was made in the US though)

    Reply
  • April 24, 2022 at 12:50 am
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    Ty so much

    Reply
  • April 24, 2022 at 12:50 am
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    This is where we the people get screwed. How about a project you buy, it’s a β€œrug” and there is never a tx again? Too bad too sad?

    Reply
  • April 24, 2022 at 12:50 am
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    The software you recommended doesn't have NFT trading does it?

    Reply
  • April 24, 2022 at 12:50 am
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    so am i suppose to write everything down that i trade?

    Reply
  • April 24, 2022 at 12:50 am
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    man i don't even know how to calculate my tax for this so weird

    Reply
  • April 24, 2022 at 12:50 am
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    I wanted to ask if you receive crypto/and nft for free are you only taxed when you sell it, or are you taxed for receiving it as well?

    Reply
  • April 24, 2022 at 12:50 am
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    From where I'm from anything related to Crypto is Tax Free. When I've learned that in US politicians are planning to Tax Anything Crypto related such as NFT I got annoyed because those damn politicians are already corrupt and wants to add more greed to themselves. ಠ﹏ಠ

    Reply
  • April 24, 2022 at 12:50 am
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    I've used 5 different software programs. CTT was ok but didnt suit my needs last year with complicated defi mining nft etc. Ended up going with Koinly, superior UI and documentation.

    Reply
  • April 24, 2022 at 12:50 am
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    Wait, so what if I minted and sold and nft in open sea for 2 eth? I have to pay taxes on those two eth I made?

    Reply
  • April 24, 2022 at 12:50 am
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    Are β€œtaxes for 2021” only from January 1st – December 31st of the year? I am in California

    Reply
  • April 24, 2022 at 12:50 am
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    I am a tax professional and you are right! I’m glad someone is focusing on the taxation of NFTs because people are assuming that because this is crypto, the IRS can’t tax them on it.

    Reply
  • April 24, 2022 at 12:50 am
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    You hardly even talked about NFTs in this!

    Reply
  • April 24, 2022 at 12:50 am
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    What if you purchase eth and buy an nft and hold it, but the nft isn’t profitable?

    Reply
  • April 24, 2022 at 12:50 am
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    What happenes if you purchase crypto then right after purchasing that crypto you buy an NFT then later that day you sell that NFT for profit but you don’t convert your crypto that was gained through the profits of the NFT back to USD you keep it as crypto and continue to flip more NFTs for a profit as well as not converting your crypto into usd is this considered unrealized gain ????

    Reply
  • April 24, 2022 at 12:50 am
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    this info is not all correct. you can sell nfts for a loss up to the amount of taxable gains you have , only 3000 can be applied to regular income, but most nft sales are short term and taxes as income but still can be written of as losses.

    Reply
  • April 24, 2022 at 12:50 am
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    How dare they tax art , cheeky fucks

    Reply
  • April 24, 2022 at 12:50 am
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    I’m not from the US, but still watched cause I was interested in how it works there. Very clear video in my eyes! Keep the informative video’s up πŸ™‚ !

    Reply
  • April 24, 2022 at 12:50 am
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    I have a NFT that was a gift . So I did not buy it but when I sell it I will get eth. Do get taxed on the sale or when I exchange eth to dollars or both ?

    Reply
  • April 24, 2022 at 12:50 am
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    Is open sea giving a sum at the end of the year how can we keep up with it

    Reply
  • April 24, 2022 at 12:50 am
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    Thank you!! Found Forth airdrop

    Reply
  • April 24, 2022 at 12:50 am
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    How to claim nft loss if you can't sell it? Send it to a burn address.

    Reply
  • April 24, 2022 at 12:50 am
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    What about royalties and fees? For example if I bought an NFT for 1k sold for 10k but paid 2.5% opensea fee and 10% royalty fee, so i only got 8750 in my account after fees. So my question is: is my capital gain 9k (10k-1K=9k) or is 7750 (8750-1K=7750). Thank you in advance

    Reply
  • April 24, 2022 at 12:50 am
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    Thanks for sharing this πŸ™Œ

    Reply
  • April 24, 2022 at 12:50 am
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    This will not be enforceable… Or at least….I don't see it yet.

    What are they gonna do when people refuse to pay? Lock them all up???

    Reply
  • April 24, 2022 at 12:50 am
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    What do you mean by sell on paper? Sorry if It's a dumb question I'm trying to learn as much as I can before I get started πŸ˜…

    Reply
  • April 24, 2022 at 12:50 am
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    I have a question about NFT staking, I bought NFT’s with fiat currency and staking is about to start in a few weeks, how do I know how much I would have to pay in income tax and once my rewards go into my wallet, is that considered a taxable event?

    Reply
  • April 24, 2022 at 12:50 am
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    Cheers, awesome! in the long-run, I would bet on NFTs backed by real world value, like 3D memorabilia DAO – The Memorable, Tom Bradys Autograph project, Veve…πŸŒ™

    Reply
  • April 24, 2022 at 12:50 am
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    MDX πŸ”ΌπŸš€πŸ”Ό DONT MISS IT πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€πŸš€

    Reply
  • April 24, 2022 at 12:50 am
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    As a European… What a nightmare you are describing

    Reply
  • April 24, 2022 at 12:50 am
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    this confuse me WAHH

    Reply
  • April 24, 2022 at 12:50 am
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    I'm pretty sure if you bought your ETH at 4k it wouldn't make a difference. You still owe Taxes. If you "Sell" Stable Coin, it's a Taxable Event. The IRS doesn't care if you made a profit. You can claim up to $3000 in losses but that's a separate issue.

    Reply
  • April 24, 2022 at 12:50 am
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    If I bid a sum on a marketplace for a purchase from an NFT, this is shown to me as a write-off, is that a trade? but if I don't buy the NFT? i don't think so

    Reply
  • April 24, 2022 at 12:50 am
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    But if you do 90% of your transactions on a wallet, that doesn't require KYC how the government knows that wallet is yours ?

    Reply
  • April 24, 2022 at 12:50 am
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    Faz um vΓ­deo pra gente sobre o funcionamento do Ertha, ele parece ser bacana!!

    Reply
  • April 24, 2022 at 12:50 am
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    Man I appreciate this video so much. I will forever show crypto tax videos to all my friends. Please make more πŸ˜‚

    Reply
  • April 24, 2022 at 12:50 am
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    Suddenly I feel insecure living in the US

    Reply

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