There's Tax on NFT's ??? Very Important heads up on Capital Gains - Video

***NONE OF THIS IS FINANCIAL ADVISE, IT MAY NOT BE RELIED UPON, PROVIDED FOR ENTERTAINMENT PURPOSES ONLY***
This is a starters guide designed to help identify possible concerns or questions you can raise with your accountant.

In most modern tax regimes collectibles are capital gains assessable with each and every transactions required to reported and treated seperate from other CGT. Worse, they are a target area of intense scrutiny due to rich people using collectibles to dodge tax

You may not have thought too hard about tax consequences of your actions, you may not want to but this doesn't mean they aren't there.

Governments generally do not allow ' gifting' ( aka transfers) of tax assessable items without assessment

VeVe is an electronic database, your transactions are matched to you at MTL-KYC, look through your transaction records prior, stop and consider your position, then ask a tax expert.

Data Matching Requirements will vary all around the world, but in most countries tax records are required to be kept for 7+ years for individual, even longer for corporations. The starting point for your VeVe tax records is your transaction history, so look at it!!!! Understand it, and if you have not already done so, extract it into an EXCEL so you can start considering where you're at, if it has heaps of transactions and way too many, one sided transfers then it could be time to pick up the soap.......... its gonna be a rough ride

YT won't let me post research links, so I will put some up on my page
USA Considerations

Bartering ( Change in Value of Gems)
go to IRS webpage frequently asked questions on virtual currency transactions

Short Term Capital Gain ( under a year)
If you sell a valuable item after holding it less than a year the profit will be treated as a short-term capital gain, which will be taxed as ordinary income. This could become a problem if this added income lifts your total adjusted gross income into a higher tax bracket.

Long Term Capital Gain ( over a year)
If you hold the item for more than a year the profit is considered to be a long-term capital gain. Normally the IRS long-term capital gains tax rates on investable assets are either 0%, 15% or 20%, depending on your taxable income and filing status. But not for the profits from the sale of valuables and collectibles. For these items the capital gains tax soars to 28%.

How Are Capital Gains Taxes Calculated?
You can calculate capital gains taxes using IRS forms. To calculate and report sales that resulted in capital gains or losses, start with IRS Form 8949. Record each sale, and calculate your hold time, basis, and gain or loss. Next, figure your net capital gains using Schedule D of IRS Form 1040. Then copy the results to your tax return on Form 1040 to figure your overall tax rate.

Australia Considerations
The ATO has told tax professionals it is important their clients are aware that:
• items purchased for more than $500 on or after September 20, 1985, are subject to CGT, even if they are kept mainly for the personal use or enjoyment of the client, and
• that special CGT rules apply to items that form part of a deceased estate, then…

Given the latest data matching exercise being undertaken by the ATO regarding insurance policies on lifestyle assets, it seems more , rather then less likely data matching will be a requirement for VeVe here sooner rather than later. This also ties in with the efforts by the ATO to ensure CGT liabilities are factored into tax outcomes.