In a shocking move, the IRS has just announced that they will be taxing non-fungible tokens (NFTs) as collectibles. Yes folks, that’s right, your prized digital art collection could now cost you even more than your beloved stocks and crypto.
The news has left many collectors scratching their heads and wondering, “Wait, I have to pay taxes on my memes now?”
One collector, let’s call him Bob, said, “I thought my Pepe the Frog NFTs were exempt from taxes because they’re too funny to be considered collectibles. This is outrageous!”
Another collector, who wishes to remain anonymous, said, “I guess I’ll have to start budgeting for tax season like it’s a new meme drop.”
According to the IRS, profits made from the sale of NFTs will now carry a higher top tax rate. So if you were planning on selling that rare CryptoKitty for big bucks, you better be prepared to fork over some serious cash to the tax man.
In response to the news, some people are already trying to come up with creative ways to avoid the collectible tax. One person suggested that they should just start collecting rocks instead, because “you can’t tax a rock, right?”
While we all try to wrap our heads around this new tax law, one thing is for sure: the IRS is getting serious about our digital hoarding habits. So next time you’re contemplating buying that one-of-a-kind meme, just remember, the tax man cometh.
