October 24, 2021

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Taxes and NFTs — the Important Questions with attorney Jacob Martin | Ep. #93

3 min read

In this episode of the Unstoppable Podcast, we’re talking to Jacob Martin. He’s an “NFT attorney” — an attorney in Southern California with an interest in crypto and blockchain.

Jacob tells us about how taxes work with NFTs from a legal perspective, and how long-term capital gains work with NFTs. He also shares the best way for people to keep track of their NFTs and other blockchain transactions — are there tools for this?

We talk about how gas fees play into the tax issue, and Jacob explains the legal definition of securities, and collectibles (and which one best describes NFTs).

Jacob shares his thoughts on the best things regulators could do for NFTs, and what would happen to the NFT community in the event of a big SEC lawsuit. We also talk about the legal implications of forming a DAO without making it an LLC or legal entity.

Finally, Jacob talks a little about some of his other projects like Ready Player DAO and his own tax-based NFT project coming soon.

⏳ TIMESTAMPS:

0:00 Intro
0:43 Jacob’s background
5:43 How do taxes work with NFTs?
10:34 Should artists form some sort of legal entity around their art?
11:34 Is there a definable tax situation occurring with NFTs right now?
13:16 What is the best way to keep track of what they’re buying and selling on the blockchain?
16:49 What’s the best crypto tax software?
19:22 How is the gas fee taxed?
22:32 What is the legal definition of security?
23:56 What might not be collectible and be treated as an investment vehicle?
28:19 What would be the best way to protect collectors and artists?
31:29 If a lawsuit happens, what would be ideal for the NFT community?
33:49 Is it ok for people to form DAOs without making them a legal entity?
38:23 Real-life examples of things that have gone wrong in a DAO
42:34 To whom does the legal liability apply in a DAO?
48:15 What questions should a person be asking themselves before deciding to join a DAO?
52:24 What is Ready Player DAO?
57:04 Jacob’s tax NFT project
58:58 Where can you find Jacob?

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