In a recent development, the Internal Revenue Service (IRS) has issued Notice 2023-27, which announces its intention to provide guidance on the treatment of specific nonfungible tokens (NFTs) as collectibles under §408(m) of the Internal Revenue Code. This treatment is relevant for other purposes of the Code, including the long-term capital gains tax rate under […]
Without a realization event, nothing has happened.
Varying state rules create confusion.
As part of the negotiations around the “Recovering America’s Wildlife Act” currently making its way through Congress, lawmakers are taking aim at the wash sale rules that currently don’t apply to crypto losses as a means to fund the bill.
Note: This article originally appeared as part of CoinDesk’s Tax Week. Throughout 2022, the crypto economy has been in the throes of a bear market, which has taken a heavy toll on investors, platforms and protocols. While investors have watched the value of their holdings drop, there has been an uptick in failures at the […]
UPDATED 2/15/22 On the evening of February 2, news broke that the IRS had agreed to refund Joshua and Jessica Jarrett a little over $3,000 in taxes paid on Tezos (XTZ) staking rewards earned in 2019. The Jarretts filed suit against the IRS back in May 2021 in the Middle District of Tennessee after filing […]
