What can you do in this situation?

>pic related

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What did reddit say about the matter? Why are you echoing the same question here?

this is the risk of gambling/leverage trading

only invest what you can afford to lose

id go back

Pretty based that I'm living in a third world shithole and there's literally 0 tax on crypto. I'd rather kill myself than pay gibs to the J*ws.

>makes 7 figures
>doesn't cash any of it out

What a literal retard.

He bought the Any Forums meme that you need 10 figures to truly make it.

it is pretty retarded how capital gains are divided into years like this

pay your debt that's how taxes works. he'll probably go to jail? idk. these are the same "tax the rich and by that I mean anyone who makes more than $25k a year" clowns anyway I dont feel bad for him. I did well one year, and I paid my taxes. it sucked. and im against taxing the poor but here we are still had to pay it. I hope he used a vpn, the irs chased mcafee across the world for a post like this

>take out a loan and pay off the debt
>pay interest until next tax year
>right off losses
>get principle back in tax return
>pay off loan
>simple as

worst case you are out of interest on a loan that size and as long as you can show the bank the losses you can probably get a loan

A professional trader will pre elect mark to market taxes so this is a non issue for people who do it for a living. The only people the tax code hurts are people who are gambling and deserve to lose everything

I currently have 3 million invested and no job, how do I avoid this happening to me?

set aside money for taxes as you cash out?
irs shill
thats just one of many scams they have going

If US just call the IRS and explain the situation

I think they allow you to offset owed taxes with more recent losses, but if not they'll set up a payment arrangement until you can post the new loss.

Or talk to an accountant and see if you can change your fiscal year on your biz.

I pointed out that someone that knew the tax code can avoid the problem. You're just ignorant and stupid.

>deserve to lose everything
yes everything you said was objectively true /s

You can only write off $3k per year. He's fucked.

go back

Dont report anything to tax man, pretend you havent been in crypto.

im dumb i thought he was speaking about crypto.