KPMG report: Treatment of nonfungible tokens under the final broker reporting regulations

Overview of NFTs in final regulations

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September 19, 2024

The IRS in July 2024 published final U.S. broker digital asset reporting regulations. Read TaxNewsFlash

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

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