2024 Taxation of Non-fungible Tokens (NFTs)

Overview

Non-fungible Tokens (NFTs), unique, identifiable digital assets based on blockchain technologies, have become a fast-growing industry. This course will provide a background on how NFTs came into the mainstream marketplace.  These materials will assist the practitioner to understand the tax implications of the creation, purchase and sale of these assets. 

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

Prerequisites

None

Objectives

• Be able to define NFTs and describe how they are created
• Develop a working knowledge of how NFTs are recorded and transferred
• Determine what type of transaction involving an NFT creates a taxable event
• Be able to identify how NFTs are classified
• Discuss the current legislative environment and actions taken to regulate NFTs
• Become knowledgeable of current enforcement actions employed by the IRS

Highlights

• NFT basics
• Classification of NFTs
• Current Legislative and Policy Environment
• Tax implications of creation, sales and exchanges of NFTs