383: NFTs: How are they taxed?

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 7 May 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Chann...

Transcript

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0:00.0	Welcome everybody to this week's episode of the Main Street Business Podcast.
0:10.5	Welcome to those on YouTube, on your favorite podcast portal.
0:14.6	My name is Mark Kohler.
0:15.4	I'm here with the infamous Matt Sorensen.
0:17.6	Welcome.
0:18.9	Yeah, infamous.
0:20.1	Well, I'm here with the, is infamous?
0:22.2	What does that mean, actually?
0:23.7	Like, very famous.
0:25.7	Infamous.
0:26.8	Infamous.
0:27.6	Not, like, not famous?
0:29.9	I don't know.
0:31.0	It sounded good.
0:32.0	I was trying to compliment.
0:33.0	Apparently it backfired.
0:34.9	So, I mean, I sounded cool.
1:12.5	But, yeah, I mean, maybe, but I will say, you know, I do have an NFT for my, you know, for me. So I got an NFT that I can use for my social media and all that. So we're going to talk about NFTs today and how they're text. Yeah. So I don't know if that makes me infamous if I have an NFT. Yeah. Makes you like the cool kids. If you're in your 20s, you know, everybody has an NFT. We're old guys. We're getting caught up to the game. So if some of you don't know what an NFT is and you're just a regular listener, dedicated, committed to the Main Street Business Podcast.
1:17.4	We want to expose you to another interesting asset class.
1:19.8	We're going to talk about how it gets taxed.
1:26.0	I'm actually speaking in Nashville this Friday night at a NFT meetup group, but it's all about NFTs. And Nashville is where it's at for creative music and art and yada yada. So NFTs are a big deal down there. And then we're going to be talked about NFTs and have a whole panel discussion about NFTs at our crypto tax summit in three weeks. So kind of a big deal. We're excited about that. And some of you that are
1:45.1	like, we're all real estate. We're sick of this crypto stuff. Well, guess what? NFTs are coming down the
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