OpenSea and CoinTracker Want to Help With NFT Taxes

opensea and cointracker

Do you need help with your NFT taxes? Good news, OpenSea and CoinTracker are teaming up to help consumers. OpenSea is a marketplace for NFTs while CoinTracker is a tax software and portfolio management suite for cryptocurrency.

Helping With NFT Taxes

The rising popularity of NFTs also means that this will be the first time users will be navigating NFT-related taxes. Purchasing, selling, and earning royalties on NFTs are taxable events, but tracking the cost basis (how much you paid for each NFT), sales price of the NFT, and correctly accounting for gas fees and transfers is difficult.

People who use OpenSea can now:

  • Work directly with CoinTracker for their NFT tax preparation needs
  • Sign up for CoinTracker’s NFT tax services with an exclusive offer for free tax reports for up to 50 transactions
  • Get and an additional 10% discount on CoinTracker’s premium tax packages

OpenSea has a page for tax resources with more information. For example, a short FAQ section answers questions:

Q: Can OpenSea do my taxes for me?

A: No. You are responsible for determining what, if any, taxes apply to your purchases, sales, and transfers of NFTs. If you have specific questions regarding taxes, please consult with a professional tax advisor.

Q: What do I owe in taxes?

A: We understand it can feel challenging to work through your purchases, sales, and transfers to determine what taxes may apply. Thankfully, there are third-party services who can help. We recommend CoinTracker as one such service.

Q: What exchanges and currencies are supported?

A: Cointracker supports over 300 exchanges and over 8,000 cryptocurrencies. See a full list of supported exchanges here.

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