What are the tax implications for NFL players who receive their payments in cryptocurrencies?

3 answers

• May 11, 2022 · 3 years ago
  As an expert in SEO and familiar with the latest Google ranking algorithms, I can tell you that the tax implications for NFL players who receive their payments in cryptocurrencies can be significant. The IRS considers cryptocurrencies as property, not currency, which means that any payment received in cryptocurrencies is subject to capital gains tax. This means that when NFL players receive their payments in cryptocurrencies, they need to report the fair market value of the coins at the time of receipt as income. If the value of the coins increases when they are sold, the players will also be subject to capital gains tax on the appreciation. It's important for NFL players to keep accurate records of their cryptocurrency transactions and consult with a tax professional to ensure compliance with tax laws.
  814

  407
• May 11, 2022 · 3 years ago
  Alright, so here's the deal. When NFL players decide to get paid in cryptocurrencies, they gotta be ready to deal with the taxman. The IRS treats cryptocurrencies like property, not money, so that means players are gonna have to pay capital gains tax on any payments they receive in crypto. That means they gotta report the value of the coins they receive as income, and if the value goes up when they sell 'em, they gotta pay even more tax on the gains. It's a whole lot of paperwork and record-keeping, so players better make sure they're on top of it. And hey, if you're an NFL player reading this, I'm not a tax expert, so make sure you talk to someone who knows what they're doing.
  686

  229
• May 11, 2022 · 3 years ago
  When NFL players receive their payments in cryptocurrencies, they may face tax implications that need to be considered. Cryptocurrencies are treated as property by the IRS, which means that any payment received in cryptocurrencies is subject to capital gains tax. This means that the fair market value of the coins at the time of receipt needs to be reported as income. If the value of the coins increases when they are sold, the players will also be subject to capital gains tax on the appreciation. It's important for NFL players to understand and comply with the tax laws regarding cryptocurrencies to avoid any potential issues with the IRS.
  645

  162