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.
The listings on Proptee are fungible tokens backed by NFTs.
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.