Are nonfungible tokens the new Bitcoin?

Fungibility is the ability of an asset to be easily and readily interchanged for another like its kind. A $5 bill is fungible, whereas an owned home or a car is nonfungible. Due to the asset’s inability to be interchanged, it makes it one-of-a-kind, or unique. So, what are nonfungible tokens? Don’t miss: QR codes …

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Is increased cryptocurrency regulation on the horizon?

The last few years have brought cryptocurrencies far more into the mainstream, thanks in large part to the meteoric rise in asset value for many of the coins. Such mainstream attention has already brought additional cryptocurrency regulation and IRS scrutiny – in 2014 the IRS began asking taxpayers directly on their Form 1040 whether or …

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Game over or respawn? IRS clarifies treatment of in-game currencies

There’s been plenty of discussion in recent years about cryptocurrency in general, and among the tax community the taxability of cryptocurrency in its many forms and transaction types, including things like in-game currencies and bitcoin. If you’ve started working on your 2019 tax return, or perhaps handed those duties off to your trusted tax professional, …

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