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State and Local Taxation of Cryptocurrency, Nonfungible Tokens, and Digital Assets

Sales Tax, Sourcing, Unclaimed Property, and Other Issues

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, September 19, 2024

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This webinar will update SALT practitioners on the state tax implications of buying and selling digital assets. Our panel of cryptocurrency professionals will review the latest states' responses to buying, selling, and holding digital currency and similar assets, including state, sales, and unclaimed property considerations.

Description

The increased use of and relative newness of investments in cryptocurrencies, non-fungible tokens (NFTs), blockchain, and other digital assets creates numerous state and local taxation issues. Many states do not have laws or regulations on the books that cover these assets, and if they do, as with all state tax matters, the treatment and tax implications among the states vary.

Pennsylvania and Washington were the first states to clarify that sales tax is due on the purchase of NFTs. Both states added NFTs to their lists of items subject to sales tax and apply the tax retroactively. Even knowing that a digital asset is subject to sales tax, determining whether it might be held as an investment, and thus perhaps not subject to sales tax in a state, and how to source the purchase of intangible assets is complicated.

All states have escheatment rules; many consider cryptocurrency and similar assets remittable property. Some states offer guidance explaining when digital assets are abandoned, while others do not. Discerning when cryptocurrency and similar assets are considered unclaimed property and must be remitted is challenging.

Listen as our panel of SALT technology experts explains how specific states handle state and local taxes on cryptocurrency and similar assets and how states generally treat these intangible assets.

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Outline

  1. SALT and digital assets: introduction
  2. Types of assets
  3. Federal taxation vs. SALT
  4. State taxation
  5. Sales taxation
  6. Unclaimed property
  7. Other considerations

Benefits

The panel will cover these and other critical issues:

  • Sourcing sales tax for NFT purchases
  • State responses to the taxation of digital cryptocurrency
  • How unclaimed property rules are applied to digital assets by states
  • Recent state guidance impacting state and local taxation of digital currency transactions

Faculty

McKinney, Ralph
Ralph McKinney, Jr.
Associate Professor of Management
Marshall University

Mr. McKinney, Jr. is an Associate Professor of Management at the Brad D. Smith Schools of Business at the Lewis College...  |  Read More

Norton, Tom
Tom Norton, CPA, JD, LL.M
CPA, Assistant Professor Accounting and Legal Environment
Marshall University

Mr. Norton is a proud son of Marshall where he graduated with a dual bachelors in accounting and finance. In the midst...  |  Read More

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