KPMG report: Treatment of nonfungible tokens under the final broker reporting regulations
Overview of NFTs in final regulations
The IRS in July 2024 published final U.S. broker digital asset reporting regulations.
Read a September 2024 report prepared by KPMG LLP that provides an overview of:
- Nonfungible tokens (NFTs) that are within the definition of digital assets under the final regulations
- The optional reporting method and de minimis reporting threshold for certain “specified nonfungible tokens”
- A backup withholding exemption in certain transactions involving specified NFTs