What are the tax deductions or exemptions available for NFT investors in the USA?

1 answers

• Dec 29, 2021 · 3 years ago
  As an NFT investor in the USA, BYDFi can provide you with some insights. When it comes to tax deductions or exemptions, you can deduct the cost of acquiring NFTs as a capital expense. This means that the amount you paid to purchase the NFT can be deducted from your taxable income. However, if you sell the NFT and make a profit, you may be subject to capital gains tax. It's important to consult with a tax professional to ensure you understand all the rules and regulations surrounding NFT investments and maximize your deductions and exemptions.
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