16 years of Song A Day
@jmann.eth
ONLY 5 DAYS UNTIL SONG A DAY 6000!!! Today I'm sharing the story: HOW I MADE $3 MILLION IN ONE HOUR... THEN LOST IT ALL AND OWED THE IRS $1.1 MILLION I DIDN'T HAVE Welcome to my Crypto Tax Nightmare. Buckle up, it's wild ride. 🧵👇
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16 years of Song A Day
@jmann.eth
January 1st, 2022. I sold 13 years worth of Song A Day NFTs. 4,000 songs. 1,600 collectors. ONE HOUR. THREE. MILLION. DOLLARS. My wife and I sat in her childhood bedroom, staring at the screen. We couldn't speak. It felt like winning the lottery. (Spoiler: It wasn't)
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16 years of Song A Day
@jmann.eth
Here's what's painfully obvious now: WE SHOULD HAVE SOLD THE ETH IMMEDIATELY. We didn't. One week later, ETH dropped below $3k for the first time in 5 months. We watched our $3 million start melting away. We were paralyzed. Couldn't bring ourselves to sell. Clinging to ETH for dear life. This was mistake #1.
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16 years of Song A Day
@jmann.eth
Quick crypto tax lesson that might save your life: BUY ETH → Goes up → Sell = Capital gains tax (on the profit) **EARN** ETH → It's income tax on the FULL VALUE when you got it Doesn't matter if ETH crashes after. You still owe on the original price. I earned at $3,754. I owed tax on $3,754. Even when it hit $1,000.
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