TaxMan-Crypto.eth

United States based Tax Attorney | Experience in Crypto/NFT tax policy and planning

[TaxMan-Crypto.eth @TaxMan_Crypto]

Went ahead and made it official.

This is where I will be posting interesting topics/concepts relating to the NFT space and the related tax implications.

None of the commentary posted on this account should be construed as financial, tax, or legal advice.

[TaxMan-Crypto.eth @TaxMan_Crypto]

I’m joining the Mooniez from the dark side of the moon. @MooniezHQ
https://t.co/SL4BbsWGhO

[TaxMan-Crypto.eth @TaxMan_Crypto]

I just won 16.877 Gold by holding tokens and NFTs on Blast! Add tokens and NFTs to your Blast Jackpot deck to win Gold.

[TaxMan-Crypto.eth @TaxMan_Crypto]

@cb1052 @alienfrens I can’t man. Hurts too bad 🤣

[TaxMan-Crypto.eth @TaxMan_Crypto]

Hot off the press: NFTs could potentially be classified as a collectible, if the meet certain criteria.

Will break this down in a follow up thread. #NFT #IRS #Crypto

https://t.co/NzWLTlKgYk

[TaxMan-Crypto.eth @TaxMan_Crypto]

@sgsand1 You can’t deduct principal paid on mortgages either so what’s your point?

Also everyone claiming to get a home office without a real justification… you’re not helping 🤣

[TaxMan-Crypto.eth @TaxMan_Crypto]

Billions in funding, expanding workforce with an emphasis on collection. Things are going to start happening.

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 SEC charges #crypto firms Gemini and Genesis for the sale of unregistered securities.

[TaxMan-Crypto.eth @TaxMan_Crypto]

12 Months to define a “broker”. We are still not there yet. The IRS and SEC seem to be working against each other in the classification of crypto. The government wants the best of both worlds when it comes to taxation and regulation. Not sure this is it.

https://t.co/gRfgMdNjrz

[TaxMan-Crypto.eth @TaxMan_Crypto]

@TreesAreCool12 @NFHeroes @shaman4646 This was over a year ago wasnt it 😅

[TaxMan-Crypto.eth @TaxMan_Crypto]

@Zeneca_33 This is a hell of a thread. Very clear and needed analysis. Thank you ser.

[TaxMan-Crypto.eth @TaxMan_Crypto]

Incredible thread here regarding the implications on paid advertising. The SEC has been pushing boundaries of where crypto fits their jurisdiction and in this case they may have gotten the full disclosure rules right.

[Zeneca🔮 @Zeneca]

The SEC today penalized someone $1.26m for paid promotion of a crypto security.

This has large implications for the NFT and Crypto space.

A lot of people are talking about this today but most are missing the point.

I'm gonna break it down:

[TaxMan-Crypto.eth @TaxMan_Crypto]

@chris_sirise Oh I agree. As someone who spends time trying to educate people on taxation of crypto, getting them to see NFTs as personal property assets and not securities is the hardest part

DOJ is doin the best they can with existing law and the primary goal is to keep it away from the SEC

[TaxMan-Crypto.eth @TaxMan_Crypto]

@SquareJordan @sounddotwav_ @BoomBoomNFT @punk3178 It depends on gain classification. Short term gain/loss is treated as ordinary income. So it can therefore losses can offset other ordinary income. The 3k cap is offsetting other non-capital income such as wages. The rest has to be carried forward

[TaxMan-Crypto.eth @TaxMan_Crypto]

@AUSAttorney @BoredApeGazette @yugalabs Glad I’m not the only one that thought this. Though not surprising that a “new age” crypto firm wouldn’t be so formal.

Looking up the firm and the drafting attorney though and they have a formidable resume. Guess it works.

[TaxMan-Crypto.eth @TaxMan_Crypto]

@nftwifey @NFTTaxOffice Crazy that it’s like $40 rn haha. NFA but we do have some good talks

[TaxMan-Crypto.eth @TaxMan_Crypto]

@BoomCorp3860 @NFHeroes @colaito7 @bbcostudios @NFTTaxOffice By minting @NFTTaxOffice you get unrestricted access to listen to me ramble on about taxes. Sold?

[TaxMan-Crypto.eth @TaxMan_Crypto]

This is going to take a while to digest, but I plan on commenting further. Saw this coming a mile away though. Main question is whether something this extensive can be passed.

[Watcher.Guru @WatcherGuru]

BREAKING: 🇺🇸 US #crypto draft bill has been leaked.

https://t.co/AG7zlmvf0M

[TaxMan-Crypto.eth @TaxMan_Crypto]

@NFThrall LOL! I meant you can’t compare the charges 🤣🤣

That was very “attorney” of me though. Here I thought I was making a solid argument. Appreciate the discourse!

[TaxMan-Crypto.eth @TaxMan_Crypto]

I think people need to be reminded that Nate is being charged with wire fraud and money laundering. The DOJ press release is misleading.

You can’t charge someone with insider trading for personal properties. Need to read the actual charges.

[TaxMan-Crypto.eth @TaxMan_Crypto]

@NFThrall Oh I’m not defending him at all… but there is no comparison. He can’t commit securities related fraud because he wasn’t dealing in securities.

That’s like charging someone for theft of a motor vehicle when they really stole a skateboard.