The creation of an NFT itself is not a taxable event. However, when you sell an NFT on a marketplace like OpenSea, you will have to pay taxes on the profits. These profits may be considered income and are taxed at an ordinary income tax rate ranging from 10% to 37%. Similarly, this income is subject to self-employment taxes at 15.3%.
Documentation
- Complete NFT Course
- OpenSea: A Step-by-Step Guide to Understanding It
- OpenSea is the first and largest general marketplace for trading non-fungible tokens (NFTs).
- What Are NFTs and How Did They Get So Popular?
- What Are dApps?
- What Is OpenSea?
- How does it work?
- How to use it
- Listing Your NFT
- Search Options to Discover NFTs
- Making an Offer
- Purchasing an NFT
- Locating Your NFTs on OpenSea
- Analytics for Sellers
- The proliferation of NFT clones
- Exploitation through the use of bots
- Phishing Attacks
- Our Conclusion
- OpenWord’s Anti-Plagiarism System
- OpenWord.io Monetizing Text Content in the Web3 World
- Home
- Documentation
- Complete NFT Course
- Legal considerations with NFTs
- Taxation
- Selling a Created NFT