>last april
>cashed out $400k worth of ETH at $4600
>bought back in when ETH was $3500 thinking it was the bottom
>now I owe $115,000 in taxes and no way to pay it
What the fuck do I do?
>last april
>cashed out $400k worth of ETH at $4600
>bought back in when ETH was $3500 thinking it was the bottom
>now I owe $115,000 in taxes and no way to pay it
What the fuck do I do?
Forge your own death or move to Canada.
>taxes on crypto
lol pwnd
literally no one pays taxes on crypto and if you do you're a cuck
He fell for the paying taxes meme
file for bankruptcy
So you still have $300k then? Why are you bitching?
Buying 400k of eth @ 3500 = 114 eth.
114 eth * today's rate (2680) = 306k.
I call LARP, your math doesn't add up, you have the money to pay your taxes.
>he lives in the US and sold his crypto
No, you got fucked by your own stupidity. Lmfao. Set up a payment plan and enjoy the debt pits or sell it all now and claim the loss moving forward. Or fraud
Read a book next time moron
this. it's all fugazi
Even in this situation, you sell enough in december to offset your gains then buy back in a month later you retard
Any Forums is just a bunch of söyboy LARPers
You bought 114 ETH back at a basis of $3500 and now you have to sell 44 to pay your tax debt. That leave you with 70 ETH at a $3500 basis and a 40k loss to write off for the year. At least you don't have to pay taxes on the first 40k in short term capital gains you make this year. If you don't have 40k in gains this year you can deduct $3k from your personal and roll the rest forward taking a $3k deduction every year until exhausted.
>He lives in the US
>Any Forums is just a bunch of söyboy LARPers
HAHAHAHAHAHAHAH YOU FUCKING RETARD WHAT DO YOU THINK WOULD HAPPEN?
So i sell at a loss?
A bunch of underage zoomers and facebook boomers repeating talking points fed to them by trolls and right wing grifters. Unironically as obsessed with bbc as the left, just in a different way, and even more obsessed with trannies, making the same threads over and over again all day every day.
This OP. When the IRS agent comes knocking at your door, you just grab your bolt action rifle and put a fat slug through his dome. In Minecraft, of course.