What happens if I buy an NFT and it becomes worthless? not sell offers a new service to purchase low-priced NFTs for tax deductible purposes.
Tax Solutions for NFT Owners
Despite the growing popularity and attention, NFT purchases still come with a lot of uncertainty. Many have invested in NFTs without fully understanding the tax implications of the technology. Luckily, NFT Plazas has a complete guide on NFTs and taxes for those who want to dig deeper into the subject.
The Unsellable project aims to alleviate the problem of low-value NFTs by offering a tax solution that most people may not have thought of. The company will issue receipts for purchased NFTs, which sellers can use as proof of loss and submit for tax deduction purposes.
“Unsellable supports NFTs on the Ethereum blockchain (ERC-721 + ERC-1155), which is by far the most popular chain for NFTs, with other blockchains coming soon !”
“If you buy an NFT for $0.01 or more and sell it to Unsellable, you will almost certainly qualify for a tax credit. You may be able to use that credit to lower your taxes…”
Finally, we live in an unpredictable world where investment values are capricious and fluctuating. Unsellable now offers NFT tax credits as a solution for owners of digital assets that have lost value.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Writer and author who likes to simplify the topic of blockchain technology.