Financial And Tax Implications Of NFTs With Joe David, Crypto Accountant

If you want to create, sell, buy, or trade NFTs, you need to understand the financial and tax implications. In this interview, Joe David explains the important aspects of blockchain assets and cryptocurrency.

[Disclaimer: This is not financial or legal advice. This is just a conversation based on our interest and experience. Please consult a professional about your situation.]

In the intro, I mention the bear market and recommend Unshakeable. Your Financial Freedom Playbook. Creating Peace of Mind in a World of Volatility by Tony Robbins, as well as my list of other money books, plus my NFTs on OpenSea; Future Freedom community; and podcasts I listen to at the moment: Crypto Business; Azeem Azar's Exponential View; Exponential Wisdom.

If you're just getting started, listen or read episode 610 on NFTs for Authors, which covers the basics and different types of NFTs. You can also watch the presentation as a video here.

This podcast is sponsored by Written Word Media, which makes book marketing a breeze by offering quick, easy and effective ways for authors to promote their books. You can also subscribe to the Written Word Media email newsletter for book marketing tips.

Joe David is the founder and managing director of UK-based Nephos Group, which helps businesses with tax, technology, and business planning. Nephos includes Myna Accountants, which is the UK's leading dedicated cryptocurrency accountancy.

You can listen above or on your favorite podcast app or read the notes and links below. Here are the highlights and the full transcript is below.

Show Notes

* What is an accountant interested in crypto?* Is cryptocurrency ‘real' money?* Why blockchain transactions are transparent and trackable and how exchanges require KYC (know your customer) setup* Global vs local rules for cryptocurrency* Are NFT books assets or products and how do we account for them?* The types of tax you need to think about: income tax, and capital gains (and loss)* Taxable events include ‘disposal' of assets, which can be transferring one currency into another (e.