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New Member
posted Apr 11, 2023 6:09:02 PM

How to file nft

Bought a UFC strike nft pack that comes with 3 nfts but cant figure out how to properly report them

0 2 806
2 Replies
Level 15
Apr 12, 2023 2:43:01 AM

see this link and look at the taxability section. please note there is no formal IRS guidance on NFTs

https://neoreach.com/nft-taxation/#:~:text=In%20NFT%20taxation%2C%20you%20wouldn%E2%80%99t%20owe%20any%20tax,be%20recognized%20as%20ordinary%20income%20and%20taxed%20accordingly. 

 

 

Expert Alumni
Apr 18, 2023 4:26:15 PM

Follow these steps to enter your non-fungible tokens (NFTs) into TurboTax Online.  Also, mark digital asset box on page 1.

 

  1. Open or continue your return
  2. Go to Wages & Income and select Start or Revisit next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) under Investments and Savings
  3. Answer Yes to Did you have investment income in 2022?
  4. On the Let's import your tax info screen, search for your blockchain or wallet
  5. Connect your public wallet address so TurboTax can import your data
  6. If you can't enter your NFT data using a blockchain or wallet import, you can manually add an NFT transaction by selecting Add transaction on the transaction screen
  7. Enter the date and time of the transaction, the transaction type, and source of  your NFT
  8. Select This is an NFT
  9. Enter the asset used to purchase the NFT, along with the amount of asset. For example, if you purchased an NFT with 2 ETH, enter 2 as the Amount and enter ETH as the Asset Type
  10. Enter the amount of NFTs you purchased, the asset symbol, and ID. Add any fees that were paid and the value of the transaction.
  11. Select Save and review your transaction in the transactions list

How to Add NFTs

 

@jialcar06