Labeled as information in Domain Industry News, started by Lox, Aug 22, 2021
Good discussion, I am enjoying everyone’s input.
You can Now rent your NFTs. So since blockchain domains are NFTs you can rent them just like you rent via Dan.
US - How NFTs Are Taxed
Do I Have To Pay Taxes on My NFTs?
The short answer: Yes. Profits you make trading Non-Fungible Tokens (NFTs) are taxable.
Three things will trigger a tax-related event:
Spending cryptocurrency such as Ethereum to buy an NFT.
Selling an NFT.
Trading an NFT.
Each of these transactions is one small part of your overall financial picture. Income, realized losses and expenses from your job, other investments or crypto can impact your tax liability.
In other words, it’s possible that you could sell an NFT for a profit and not owe any federal or state income tax.
If you use fiat currency to buy Ethereum at $3,000 for the sole purpose of purchasing an NFT, and Ethereum moves to $3,001 when you buy the NFT, you technically realized a $1 crypto gain. That’s a taxable event.
Yeah, I laid out the tax scenarios earlier in this thread or another one. A lot of people involved don't seem to understand how taxes work on crypto/NFT, which is likely to get them in trouble.
This stuff is on the radar of the IRS, and with blockchains it largely makes it easier for them to track in many situations.
If you want to deal in these, go for it. If you think in the US you can use crypto or NFT to evade taxes it is only a matter of time until you get caught. The blockchain only makes it easier for authorities to track.
... a hint:
Some (quite some) of big $ NFTs transactions are made via offshore (incl. some of B-Ape Vocals*).
The US T% rules doesn't apply.
Anyway, the nft price-up will end before March 25-30, 2022, ... till then ... take a care.
Obviously not all trades are involving tax evasion or money laundering, but it would be hard to design a better system for it than crypto and NFT at the moment.
So crypto was supposed to be anonymous. I get that if you use a website like CoinBase then you're putting the Central back into DeFi but like...how can you anonymously acquire crypto and from there buy and sell NFTs?
It seems like a really dumb idea to bother with crypto at all if there's no anonymity. Just use your Spark business card and get 2% cash back...
@bmugford about that sports memorabilia and collectible trading cards lol
Was only a matter time
Topps done jumped in
even built out their own nft sub site
ToppsNFTs.com ( in article)
Even Elon Musk doesn’t understand the idea of Crypto
Monkey see monkey do with diagrams. Scrape shell shill it.
Pranksy Buys (Probably) Fake Banksy NFT for 100 ETH, Is Promptly Refunded
The NFT seemed legitimate because it was promoted on Banksy's website, which also linked to an auction on OpenSea, a popular NFT trading platform. But the page on Banksy's site was deleted shortly after the auction closed, which led Pranksy to believe they might have been scammed by whoever created the NFT in question.
heard NIFTIES.COM & NIFTIES.TV are for sale.
Good domains for a big company willing to enter the space.
(NFTs.com seems to have been sold, anyone can confirm?)
Had a non buyer via Dan.com for Nifty.Exchange a few weeks ago.. But I’ve had other offers xxxx
NFT are the tax shelter of digital assets, pay way more than it's worth then write off the loss to lessen tax burden.
NFT Metaverse platform The Sandbox buys BAYC NFT for record $2.42m
Latest Article NFT Metaverse platform The Sandbox buys BAYC NFT for record $2.42m. Company purchased the artwork for 740 ETH, saying it was "a ...
1 hour ago
Notice this last night from my OS account. All over LI atm
More Detailed READ in following link below...
LinkedInn Artical shared by Booth Bros https://www.theboredapegazette.com/...-setting-740-eth-find-out-the-full-story-here
Congrats @jamesbooth & Andy!
Anyone uneducated on Domains, would say the same thing about your domains.
Your probably right, I don't get why people so much value in digital artwork. However still picked up some Metaverse play domains and bought a couple NFT's. I may not get why people see value but there is enough of a market I am smart enough to want asset exposure.
Either you're super smart and lightyears ahead of me or you've never paid taxes for a business before.
You could buy something and then less that something at a loss, sure. But why would you want to? If you earned a million dollars in income, in the US you'd owe around a third for income taxes. Less if you owned a corporation or LLC. So you'd have $667k left. You could tell your accountant to charge you $1,000,000 and then you wouldn't have to pay taxes on that million but then you'd also be out the 667k... Makes no sense.
I believe what you are thinking about are tax brackets.
For a really simple example (random numbers) on 10k a corp is not taxed, but money made over 10k is taxed at 20% so the corp makes a donation to a foundation that is approved for tax write off for the amount donated so the corp would donate 1k saving them on the 20% tax rate,
So in this case they don't lose 2k but just 1k
When doing this on much bigger scale you can safe a lot of money.
(We're here to discuss & to give a few opinions, not ... "You're clueless...")
Learn more ... (Intellectual property aka nft's. DN's can take another T% route)
Oh well, someone best develop HappyApeClub.com then
NP thread Domains stolen through phishing ... opensea
I'm actually trying to think of hand reg nft domain names!!
Separate names with a comma.