NFT Trading: A Complete 📚 Tax Guide with IRS 💼 Tips & Strategies 📈

Clinton and special guest, Andrew Gordon from Gordon Law, as they delve into the complex world of NFTs and tax law 💼🔍.

This episode covers the IRS' "Look Through Analysis," implications for NFTs as potential collectibles 🖼️, the challenge of defining NFTs, and the possible complications with their tax compliance 💡.

From understanding the intricacies of tax codes to discussing the use of NFTs in IRAs and qualified retirement plans, this conversation offers deep insight into the legal aspects of NFT investments 💰📑.

Remember to like 👍, share 🔄, and subscribe 🛎️ for more on tax laws, NFTs, and much more!

💎 Guest: Andrew B. Gordon, managing attorney at Gordon Law Group, is a dual-professional combining his Certified Public Accountant credentials with a law degree from Chicago Kent College. He specializes in areas like tax compliance, cryptocurrency law, FTC defense, internet law, and corporate litigation.

Renowned among tech startups and affiliate marketers, he expertly navigates legal complexities while bolstering profits and reducing risk. His relentless commitment yields impressive savings for his clients and delivers peace of mind.

For daily insights follow Gordon Law Group
Website 👉 https://gordonlawltd.com/
YouTube 👉https://www.youtube.com/@gordonlawltd
Twitter 👉 https://twitter.com/gordonlawltd

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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬

00:00:00 - Intro
00:00:42 - Welcome & Introduction of Andrew Gordon
00:00:55 - Understanding the "Look Through Analysis"
00:01:35 - Applying the Look Through rule to NFTs
00:02:14 - The complexity of NFT tax compliance
00:03:22 - Is the Look Through rule the right mechanism?
00:04:04 - Possible complications with hybrid NFTs
00:04:53 - Defining art in the context of NFTs
00:06:24 - Defining an NFT and its future implications
00:07:59 - NFTs in the context of capital gains
00:09:04 - Use of NFTs in IRAs and qualified retirement plan
00:10:35 NFTs & Corporate Art Ownership
00:10:59 Collectibles Tax Issue
00:11:32 IRS vs. NFTs
00:11:58 NFTs in Tax Returns
00:12:33 Crypto Complexity
00:13:22 IRS Response to Public
00:14:08 IRS Losing in Court?
00:14:48 Ex-IRS Cordon Quoted
00:15:01 IRS Rules Debate
00:16:02 IRS Discussion Wrap-up
00:16:27 Tax Filing Concerns

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▬▬▬▬▬ NOTICE ▬▬▬▬▬

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📜 Disclaimer
All opinions expressed by the show’s host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.

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