What are the reporting requirements of Opensea to the IRS?

3 answers

• Dec 24, 2021 · 3 years ago
  Opensea, being a digital marketplace for NFTs, is subject to certain reporting requirements imposed by the IRS. According to the IRS guidelines, Opensea needs to report transactions that meet the criteria for tax purposes. This includes reporting sales of NFTs that result in a gain or loss, as well as any income earned by creators or sellers on the platform. The specific information that Opensea needs to report includes the seller's name, taxpayer identification number, the date of the transaction, the gross proceeds from the sale, and any other relevant details.
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• Dec 24, 2021 · 3 years ago
  When it comes to reporting requirements, Opensea has to provide the IRS with information about the transactions made on its platform. This includes details such as the buyer and seller's identification, the date of the transaction, and the amount involved. Opensea is responsible for ensuring that accurate and complete information is reported to the IRS to comply with tax regulations.
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• Dec 24, 2021 · 3 years ago
  As an expert in the field, I can confirm that Opensea, like other digital marketplaces, has reporting requirements to the IRS. These requirements aim to ensure transparency and tax compliance in the cryptocurrency space. Opensea is obligated to report transactions that meet the IRS criteria, including sales of NFTs and income earned by creators. The information reported typically includes details about the parties involved, the transaction date, and the financial aspects of the transaction. It's important for Opensea users to be aware of these reporting requirements to avoid any potential tax issues.
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