Talking Tax Is Anyone Paying State Taxes on Bitcoin and NFTs?
Oct 4, 2023
Experts discuss the challenges of taxing cryptocurrencies and NFTs, the reliance on voluntary compliance, and the limited enforcement. IRS initiatives to tackle the tax gap in virtual currencies and the lack of clarity in state taxation of digital assets are also discussed. The chapter highlights the volatility of markets for NFTs and cryptocurrencies, the need for regulatory and tax clarity, and the potential of the digital assets space. The necessary adaptations that states should make in terms of regulation and taxation for cryptocurrencies and digital assets over the next five years are emphasized.
Chapters
Transcript
Episode notes
1 2 3 4 5
Introduction
00:00 • 2min
Tax Collection on Transactions Involving Digital Assets: Voluntary Compliance and Recent Regulations
02:16 • 4min
IRS Initiative and State's Approach to Taxation of Virtual Currencies
06:28 • 3min
Volatility, Regulatory Clarity, and the Potential of Digital Assets
09:00 • 4min
Adapting State Protocols for Crypto Taxation and Regulation
12:55 • 4min