How to Handle Sales Tax on Cryptocurrancy and NFTs?

What is Cryptocurrancy and NFTs?

States are just starting to issue sales tax guidance on cryptocurrency and non-fungible tokens (NFTs).  To overly simplify it, cryptocurrency is digital currency that is recorded on a digital ledger (aka the blockchain).  Popular cryptocurrencies are Bitcoin, Ethereum, and Tether.  A non-fungible token (NFT) is a unique identifier that records an asset on the blockchain.  NFTs usually reference digital files such as photos, videos, and audio.  Both cryptocurrencies and NFTs can be ...

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