You will be solely responsible to pay any and all sales, use, value-added and other taxes, duties, and assessments (except taxes on our net income) now or hereafter claimed or imposed by any governmental authority (collectively, the “Taxes”) associated with your use of the App.
Moreover, how do you pay for NBA Top Shot?
- Purchase packs, Moment™ NFTs, and Dapper Balance with both credit and debit cards (Visa, Mastercard) during checkout.
- Purchase Dapper Balance, packs, and Moments with cryptocurrencies.
Additionally, does dapper report to IRS? Dapper Labs does not report account revenue activity, therefore, all users are independently responsible for all accounting needs.
You asked, how old do I have to be to use NBA Top Shot? NBA Top Shot is a platform for collectors 18 and older. Minors are not allowed to own an account on NBA Top Shot. If you are under 18, we cannot offer you an NBA Top Shot account.
Furthermore, what is the capital gains tax rate for 2021? For example, in 2021, individual filers won’t pay any capital gains tax if their total taxable income is $40,400 or below. However, they’ll pay 15 percent on capital gains if their income is $40,401 to $445,850. Above that income level, the rate jumps to 20 percent.
How do I add money to my Top Shot?
- Open your Dapper accounts app.
- Select ‘Payments & Payouts’ from the menu on the left.
- Input the amount you wish to add in the field titled ‘Add funds to your balance. ‘
- Click ‘Add Funds. ‘
- Choose whether you want to pay with your credit card or crypto and confirm your purchase.
Can you use MetaMask for NBA Top Shot?
Please note: While crypto transactions are completed using CoiNBAse Commerce, most crypto wallets, like MetaMask, will work as well (some hardware wallets will not). If using Metamask, please ensure that you are using the Ethereum Mainnet and not a different one.
Can you use Dapper balance to buy packs?
In addition to using your debit card, credit card, and Dapper Balance to make purchases, you are also able to use cryptocurrency from your preferred wallet to buy Top Shot packs or add to your Dapper Balance. The cryptocurrencies we currently support are: Ether (ETH) Bitcoin (BTC)
How do NFTs get taxed?
When you sell an NFT, you will have to pay taxes on the profits. These profits are considered income and will be taxed at your ordinary income tax rate, which varies from 10% – 37%. … Additionally, this income is subject to self-employment taxes, at a rate of 15.3%.
How do you avoid taxes on crypto?
- How cryptocurrency taxes work.
- Buy crypto in an IRA.
- Move to Puerto Rico.
- Declare your crypto as income.
- Hold onto your crypto for the long term.
- Offset crypto gains with losses.
- Sell assets during a low-income year.
- Donate to charity.
What happens if you don’t report cryptocurrency on taxes?
If you don’t report taxable crypto activity and face an IRS audit, you may incur interest, penalties, or even criminal charges. It may be considered tax evasion or fraud, said David Canedo, a Milwaukee-based CPA and tax specialist product manager at Accointing, a crypto tracking and tax reporting tool.
Is NBA Top Shot legal?
NBA Top Shot is an online exchange that sells NFTs of NBA highlights, and is licensed by the NBA. … The copyright owner of a digital file or asset has the exclusive legal right to create an NFT for the asset. For Top Shot, the owner of the copyright is the NBA.
Who owns NBA Top Shot?
Dapper Labs is better known as the maker of NBA Top Shots. Users can buy digital cards that represent NBA players and moments. They can then buy and sell some of their cards to other players. The value of these digital collectibles can go up and down over time.
Is NBA Top Shot NFT?
NBA Top Shot moments are one of the most high-profile NFT successes so far, part of the initial early hype wave for the blockchain-based art that’s become one of the biggest buzzwords of 2021.
How do I avoid capital gains tax?
- Invest for the long term.
- Take advantage of tax-deferred retirement plans.
- Use capital losses to offset gains.
- Watch your holding periods.
- Pick your cost basis.
