NFT'S

NFTs Subject to Washington State Sales, Gross Receipts Taxes

July 5, 2022, 8:06 PM

Washington state has issued guidance pulling nonfungible tokens, or NFTs, into its tax code and specified online marketplaces that facilitate transactions are required to collect and remit taxes to the state.

Washington’s Department of Revenue issued an interim guidance statement July 1 applying the state’s 6.5% sales and use tax to transactions involving NFTs, unique digital assets that serve as certificates of authenticity for things like works of art, music, tickets, and collectibles. The department also specified that gross income from retail sales of NFTs is subject to Washington’s retailing Business & Occupation tax, a 0.471% tax on the …

Traciwininger
Author: Traciwininger

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