New York Tax Authority Excuses Bitcoin Buyers from Paying Sales Tax
The New York State Department of Taxation and Finance released a memorandum on December 5th which excused Bitcoin users from paying sales tax, if the virtual currency is being used to pay for certain goods and services delivered in New York State. In its elaboration, the memorandum referred cryptocurrencies like Bitcoin as an "intangible property", which is normally used to conduct barter transactions. "Since the purchase or use of intangible property is not subject to sales tax, any convertible virtual currency received by a party to a barter transaction is not subject to sales tax," it....
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During the last week, non-fungible token (NFT) sales volume has managed to climb 1.9% higher than the week prior with $85 million in NFT sales in seven days. However, the number of NFT buyers slid by 12.63%, and the number of NFT transactions is down 19.19% on October 23, 2022.
NFT Sales Record a Slight Increase, Number of NFT Transactions Slides 19% Lower
While NFT sales are a lot lower than they were a few months ago, this past week with $85,068,480 in sales volume according to cryptoslam.io, NFT sales are up 1.9%. The top collection this week selling the most NFTs stemmed....
The New York State Department of Taxation and Finance has said that bitcoin purchases will not be subject to sales taxes. According to a tax guidance memorandum from the agency's Taxpayer Guidance Division dated 5th December (hat tip Marco Santori), digital currencies are a type of "intangible property" and, as such, are not subject to a sales tax when purchased. The move comes months after the US Internal Revenue Service (IRS) released its initial guidance on taxing bitcoin as a type of property, and provides an answer to a long-brewing question about how state sales taxes in the US may....
Non-fungible token (NFT) sales have been lackluster this past week, as the aggregate sales volume during the last seven days has dropped 13.75% since last week. The largest number of sales stemmed from Ronin this week as 45,875 buyers increase Ronin-based NFT sales by more than 72%. The NFT collection that recorded the most sales volume over the last seven days was Clonex as the NFT collection’s sales saw a 94.05% rise.
7-Day NFT Sales Slide by 13.75%
After the week of March 20-26, 2022, Google Trends data shows the search term “NFT” slid from a score of 39....
While crypto markets shed billions during the last seven days, non-fungible token asset sales are still up 81% since last week. Statistics indicate $4.7 billion in NFT sales were settled in seven days among 326,733 buyers, and Ethereum saw a continued rise in NFT sales volume. NFT Sales Remain Strong Despite Crypto Market Price Reversal Bitcoin, ethereum, and a myriad of digital assets have seen deep losses this week in terms of spot market value against the U.S. dollar and other fiat currencies. Despite the crypto market carnage, NFT sales continue to boom with $4.7 billion in sales since....
During the last seven days, there’s been $2.53 billion non-fungible token (NFT) sales, up 161% over the past week. Ethereum’s blockchain recorded the most NFT sales with $2.45 billion of the aggregate while the Solana network saw around $31.9 million in NFT sales this week. Across 258,536 NFT buyers this week, the NFT collection Meebits captured $1.23 billion in NFT sales.
With $2.5 Billion in NFT Sales Across 10 Chains, Ethereum NFT Sales Dominate by More Than 96%
A great number of non-fungible token sales continue, as the recorded sales across the top 10....