Creators of NFTs need to be aware of how their income from this activity is taxed. As a creator, you are in the business of creating NFTs and when you sell an NFT, the profit is subject to taxation as business income. The income is reported on Schedule C of your tax return as self-employment income and may also be subject to social security tax.
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Disclaimer: This video is for informational purposes only and is not financial or tax advice. Please consult with a professional financial or tax advisor before making any decisions based on the content of this video.
