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1099 Tax Issue — NFT sale tax implications

Started by asking_for_friend_investor_IL · Feb 14, 2025 · 2,370 views · 17 replies
For informational purposes only. This is not legal advice. Laws vary by jurisdiction. Consult a qualified attorney for advice specific to your situation.
AF
asking_for_friend_investor_IL OP

Quick background on my situation — any input appreciated.

NFT sale tax implications. I've been dealing with this for about 2 months now and the situation isn't improving.

I have already consulted briefly with a lawyer but the other party is not cooperating.

Should I hire a lawyer for this or try to handle it myself?

FT
first_time_contractor_GA

Have you tried reaching out to your state's bar association? They sometimes have free resources or mediation services.

TL
Mod_TermsLaw Moderator

Attorney here. Here's my take on the legal issues.

Based on what you've described, you likely have a viable claim under the relevant statute. The standard is whether a reasonable person would find the conduct actionable.

The practical consideration here is cost vs. potential recovery. For disputes under $10K, small claims court is often the best route.

AW
anon_worker_2022

NAL, but from what I've read, you should file a complaint. That said, definitely get a lawyer to look at the specifics.

SA
seeking_advice_investor_GA

I had a similar issue and ended up consulting with an attorney. It was worth the $200-300 for the initial consultation just to understand my rights.

DT
desperate_tenant_legal

Have you tried reaching out to your state's bar association? They sometimes have free resources or mediation services.

CA
CorpCounsel_Amy

I've dealt with this before.

What worked for me was hiring an attorney to send the initial letter. It took 2-4 months but was worth it.

FD
frustrated_driver_IL

I had a similar issue and ended up consulting with an attorney. It was worth the $200-300 for the initial consultation just to understand my rights.

TR
TruckerRights_OH

Not a lawyer, but I have direct experience with this.

I ended up escalating to a supervisor/manager, which cost about $1-3 but saved me a lot more in the long run.

FT
first_time_contractor_help

This happened to me too. Have you tried filing a complaint with the relevant agency? In my case they investigated and it got resolved without needing a lawyer.

HC
HRManager_Chicago

I went through almost the exact same thing.

I ended up hiring an attorney to send the initial letter, which cost about $2-4 but saved me a lot more in the long run.

NH
need_help_seller_WA

Have you tried reaching out to your state's consumer protection office? They sometimes have free resources or mediation services.

TA
TenantRights_Advocate

I've seen this play out several times in my field.

I ended up having everything documented, which cost about $3-6 but saved me a lot more in the long run.

PN
Photographer_NYC

Not a lawyer, but I have direct experience with this.

The biggest mistake people make in this situation is escalating to a supervisor/manager. I'd recommend following the formal complaint procedure instead.

JC
just_curious_tenant_TX

Just want to point out — the statute of limitations might be a factor here. In some states it's as short as 1-2 years. Don't sit on this too long.

SA
seeking_advice_trader_question

Just want to point out — the statute of limitations might be a factor here. In some states it's as short as 1-2 years. Don't sit on this too long.

AD
anon_driver_IL

Have you tried reaching out to your state's bar association? They sometimes have free resources or mediation services.

ES
eComm_Seller_2022

Been there. Here's what I learned.

What worked for me was hiring an attorney to send the initial letter. It took 2-4 months but was worth it.

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