TaxMan-Crypto.eth

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.

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.

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

New pfp who dis. Where my @alienfrens at? Do we still do #alienfren follow #alienfrens ? Excited to see what y’all do. @TaxMan_Crypto they’re calling.

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 irs.gov/pub/irs-drop/n…

@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 🤣

Not being able to deduct rent from personal income tax liability has to be the biggest scam ever.

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

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. cointelegraph.com/news/u-s-delay…

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

@NFHeroes Well @shaman4646 brought me in, and one of the first things I remember was tuning into @TaxMan_Crypto hosting a Discord voice session, quickly followed by a Lore presentation from the creative team.

Who were the first members of the NFH community that you met?🤔 @ them below to show them some love 👇

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

For starters, the "someone" is Kim Kardashian. That's not particularly important. The $1.26m penalty is a rounding error for her, so that part is not particularly important either.

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:

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.

@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 True! I’ve followed the case and think it’s a great precedence. However, you’ll notice the court has exactly treated holders as only customers and not investors in the company. Recourse limited only to fraud definitely doesn’t cover the range of rights investors usually have.

NFT buyers are NOT investors because: 1) They have ZERO legal recourse if founders don’t act in their best interest 2) It is ILLEGAL to pay them dividends 3) The company can become a billion dollar enterprise and their #NFT could still be worth ZERO NFT buyers are customers.

@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

@sounddotwav_ @BoomBoomNFT @punk3178 If let’s say you end the year at a 10k capital loss after deducting losses from gains but also generate 10k in income (from say staking rewards) I believe that’s where you can only write off 3k, leaving you with 7k tax liability. Sorry late here my brain isn’t fully functioning.

So the seller had just bought another ape for 2500 ETH and basically replaced his ape, made 191 ETH, and harvested 7+ million in tax losses

@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.

@BoredApeGazette @yugalabs Unimpressive and poorly written. The fourth cause of action is Yuga's best chance.

FULL DOCUMENT » @yugalabs Announced That It Filed A Lawsuit Today. Here’s The full 43 Page Suit:

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

@TaxMan_Crypto @NFTTaxOffice Of course! Best .025 I've ever spent.

@NFTTaxOffice helps degens understand taxes. Created by an actual US based tax attorney. @TaxMan_Crypto

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

@NFHeroes @colaito7 @bbcostudios @NFTTaxOffice Shill me, @TaxMan_Crypto

TONIGHT... taxes are on the table 🗣️ Join us in a conversation with @colaito7! 🎙️ twitter.com/i/spaces/1eaKb…

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.

@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 "there is no comparison" and proceeds to make a comparison in the following paragraph. I am by no means an attorney trained in US law, but I am excited to see how this plays out. One of us will be right, but more importantly, Nate will be in the wrong! Have a good one Tax❤️‍🔥

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.

@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.

@TaxMan_Crypto If the shoe fits, wear it. Feel free to compare the rest of the definition and quoted article as well, my dear friend!

@NFThrall You are missing my point. Charging him with the federal offense of insider trading would have broader implications for the classification of crypto as an asset class. That’s why the DOJ article is misleading and that’s why people are incorrectly freaked out.

@NFThrall From your own definition… “illegal practice of trading in the stock exchange” Didn’t know OS meets the definition of a stock exchange. Nate certainly conspired to commit fraud and likely breached duty to his employer.