This calculator estimates the tax on selling a non-fungible token, or NFT, in New Zealand, where Inland Revenue generally treats the gain as taxable income. A persistent myth holds that digital assets are tax free here, but that is not the case: Inland Revenue treats NFTs much like cryptocurrency, as property typically acquired with the purpose of selling, so the profit when you sell is usually taxable income at your marginal rate. New Zealand has no separate capital gains tax, yet the gain is still taxed as ordinary income, which catches many people out. You enter the sale price, what you originally paid for the NFT, and the transaction costs such as gas fees and marketplace commissions on both the buy and the sell, and choose your marginal tax rate, and the calculator works out the taxable gain after costs, the tax owed, and the amount you keep. Deducting the acquisition cost and the fees is important because tax applies only to the genuine profit, not the whole sale price. Keep meticulous records of every purchase, sale and fee, since Inland Revenue expects you to substantiate your figures. If you sold at a loss on taxable activity, you may have a deductible loss. This is general information, not tax advice; get advice for your circumstances.
NFT gains are usually taxable income in NZ, at your marginal rate. Keep records of all costs. General information, not tax advice.
The taxable gain is the sale price less the purchase cost and the buying and selling fees. The tax is that gain multiplied by your marginal rate, and the amount you keep is the gain less the tax. If the result is a loss, no tax applies and you may have a deductible loss on taxable activity.
Selling an NFT for 12,000 dollars that cost 4,000 dollars, with 500 dollars of fees, gives a taxable gain of 7,500 dollars. At a 33 percent marginal rate the tax is about 2,475 dollars, leaving 5,025 dollars of the gain.
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