Digital assets have become more popular and valuable as technological advances become integrated into personal and professional lives. Examples of such assets include photography, animations, digital paintings, websites and novel, new-age varieties such as cryptocurrency and non-fungible tokens (NFTs).
For federal tax purposes, digital assets are treated as property. Taxpayers may be required to report digital asset activity on their tax returns and CPA practitioners need to be well-versed in their client transactions to serve them properly.
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