You knew this was coming! NFTs or non-fungible tokens are the newest “asset” to pop up in the world of charitable gifting. Last month, the top 100 NFT sales amounted to $2.3 Billion (yes… BILLION!). Essentially, NFTs are a low-overhead endeavor because they are created, viewed, traded and owned online. But because NFTs are still so closely tied to cryptocurrency (primarily Ether, although that is changing), and not a fiat currency, they are still not part of any mainstream transaction or payment methods.
This webinar will cover the basics of NFTs including:
- What are NFTs?
- What is the characterization of the asset (e.g., property, currency, collectible)?
- How are NFTs likely taxed and how would this affect the charitable deduction?
- If you are the creator versus a collector, what is the treatment of asset?
- Are there physical assets or other benefits to ownership and how does that change the classification of the asset?
- Is a qualified appraisal required, and if so, how is the value determined?
- How can NFTs be held or liquidated by a charity?
Presented by Bryan Clontz, Ph.D., CFP®, CAP®, AEP®, Ryan Raffin, JD, and Rebecca Dupras, JD
Past Free Webinar Recordings (www.charitablesolutionsllc.