What taxes do I have to pay when I use Proptee?
While we cannot advise you about your personal situation (or about taxes in general), in this article we give you a starting point so you can do your own research.
When you're not sure, you should probably ask a tax advisor.
What am I buying/selling?
The listings on Proptee are fungible tokens backed by NFTs.
What kind of tax do I have to pay?
This very much depends on your country.
The general approach we have seen countries adopt is that:
When you buy and then sell a token, you need to pay tax on the profits. Usually, these profits are taxed like property; for example, in the UK and USA you would need to pay capital gains tax.
When you receive a token for free, you need to pay tax on its entire value. This applies for mining, staking, etc. In the UK and USA, this would be taxed like income.
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