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Unique Tax Questions Posed by Cryptocurrencies and NFTs

Client Updates

Reuters recently published an article by Baker Botts Partners Jon Feldhammer and Richard Ramirez and Senior Associate Katie McEvilly.

Click here to read the full article.

The basics of cryptocurrency taxation are simple: because crypto is treated as property for tax purposes, buying, selling, and (less obviously) trading and mining crypto have tax implications. However, crypto, and other property powered by blockchain technology like non-fungible tokens (NFTs), have unique characteristics that give rise to many unique tax questions. This article explores some of those questions and discusses what taxpayers can do in the face of uncertainty to protect themselves from the IRS’s increasing scrutiny in this area.

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