Taxes for Artists | Web37 Daily 020

Artists around the world are turning to NFTs and blockchain technology to make a living selling their art, with that, many NFT artists are curious to know how to report their sales on their taxes. Thankfully, we had the chance to sit down with Alex, who’s an NFT CPA to discuss this exact topic. As an NFT artist, all NFTs that you create and then sell are taxed as ordinary income. Just like creating and selling a piece of art in the real world, NFT art isn’t taxed much differently. Additionally, NFT artists are eligible to receive various tax deductions for their supplies, events, and even certain gas fees. To learn more about how NFTs are taxed and what’s considered deductible, check out the full article linked below! Twitter @TheNFTCPA @137pm