It’s one of the hottest corners of crypto — and now the U.S. government wants its share of the profits.

Investors and creators of nonfungible tokens — a market that has ballooned to $44 billion, Chainalysis data show, and attracted fans from Justin Bieber to Melania Trump — face billions of dollars in taxes and rates as high as 37%, according to tax experts. Internal Revenue Service officials who deal with tax evaders say they are gearing up for a crackdown.

The surprises looming for NFT enthusiasts when tax filing season begins this month are crypto’s latest wake-up call …

Source https://news.bloombergtax.com/daily-tax-report/nft-investors-owe-billions-in-taxes-as-u-s-officials-crack-down

By block head

Block Head is a blockchain journalist.