New York State Tax Agency: Bitcoin Buyers Don't Need to Pay Sales Tax
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....
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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....
Digital currency enthusiasts might have a new reason to enjoy the Big Apple. The state of New York has recently labeled bitcoin as "intangible property," which means that any purchase or transaction made with bitcoin will not be subject to sales tax. In a recent memorandum, the New York State Department of Taxation and Finance explains: "The use of convertible virtual currency by a customer to pay for goods or services delivered in New York State is treated as a barter transaction. For sales tax purposes, convertible virtual currency is intangible property. Since the purchase or use of....
In a boon for Bitcoin, the state of New York has declared that Bitcoin will be treated as intangible property. This is according toa technical memorandum issued by the state's department of taxation and finance. What this means is that sales that are done in Bitcoin or any other freely convertible virtual currency will not attract sales tax. In so doing New York has led the way, and shone a torch bigger than the one on Staten Island. In the last 12 months, New York has somewhat fumbled over how to treat Bitcoin. In July 2014, superintendent Benjamin Lawsky of the Department of Financial....
Currently, the pressure to suspend cryptocurrency and Bitcoin mining in the United States is gaining force in New York as the New York environmental agency evaluates the impact of crypto mining on the environment. On Monday, the New York state senate submitted a bill to enforce a 3-year pause on cryptocurrency mining across the state. […]
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....